Nvidia took a $4.5 billion write-off in its latest quarter on unsold H20 chips that it was unable to repurpose for other markets. If sales of these high-volume chips to China resume, a reversal of this write-off could boost earnings.

Key Points Nvidia stock has rallied impressively in the past three months, and trades at a premium valuation.Growth-oriented investors should consider looking past Nvidia's valuation in light of the opportunity.

Shares in Asia are mixed after an update on inflation pulled most U.S. stocks lower, though gains for Nvidia pushed the Nasdaq to another record.

The Dow Jones index rose Thursday on surprise jobless claims and retail sales. Nvidia chipmaker TSMC rose on earnings.

Daniel Sparks and/or his clients have no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intel and Nvidia. The Motley Fool recommends the following options: short August 2025 $24 calls on Intel. The Motley Fool has a disclosure policy.

Tech stocks were an outlier, though, and the Nasdaq composite rose 0.2% to set another record thanks to Nvidia, the market’s most influential stock.

Nvidia's gain helped keep the Nasdaq Composite above water today, with the tech-heavy index climbing 0.2% to 20,677 – a new all-time closing high. However, the Dow Jones Industrial Average shed 1% to 44,023 and the S&P 500 fell 0.4% to 6,243 due in part to weakness in financial stocks.

Nvidia ( NVDA 4.08%) became the first company to reach $4 trillion in market cap on Wednesday -- an incredible feat considering the company was worth a fraction of tech giants Apple and Microsoft just a few years ago.

Key economic data are on tap early Thursday. The Nasdaq hit a record close Wednesday as stocks ultimately shrugged off a Trump-Powell report.