A day after Nvidia set a new record by reaching a $4 trillion market cap, at least three Wall Street analysts issued new reports that rated the stock a buy, according to Bloomberg data. The bulls pointed to Nvidia’s role as the premier chipmaker and the fact that compared to its fundamentals, the stock is still trading at a fair price.

Nvidia holds a 7.3% weight on the S&P 500, the biggest on the index.

Nvidia’s chips power the data centers that companies like Microsoft, Amazon and Google need to fuel their AI models and cloud services — and AI investments are only expected to grow.

Quantum computing has evolved from theory to a transformative technology, with advancements in qubit scalability and error correction driving potential in AI, cryptography, and drug discovery.

Nvidia rose 1.8% and became the first public company to exceed $4 trillion in value after its share price briefly topped $164 each in the early going.

This latest phase in the White House’s trade war heightens the threat of potentially more severe tariffs that’s been hanging over the global economy.