The world's second most valuable company has been the top beneficiary of an AI-driven spending spree by big technology companies over the past two years.

Nvidia’s H20 chips are in high demand in China—indicating that DeepSeek's more efficient AI doesn’t mean lower chip demand.

What happens with Nvidia matters for the entire U.S. stock market. The chip company has grown into the second-largest company on Wall Street, which means the stock’s movement carries more weight on the S&P 500 and other indexes than every company except Apple. The tech giant, based in Santa Clara, California, is now worth over $3 trillion.