U.S. stock index futures ticked higher on Wednesday, with Nvidia on track to become the first company to surpass $5 trillion in market value, while investors awaited the Federal Reserve's rate decision and results from Big Tech firms.

Wall Street has never seen a $5 trillion stock. However, Nvidia ( NVDA +2.26%) is getting awfully close, hovering at about a $4.5 trillion market capitalization. Less than a decade ago, Wall Street had never seen a $1 trillion company, so this meteoric rise from a company that was worth about $14 billion a decade ago is nothing short of incredible.

NVIDIA (Nasdaq: NVDA) shares closed the day up 2.99% on Wednesday. That’s especially notable because NVIDIA saw 4.98% gains the day before. I would say these levels of gains are unprecedented for a $5 trillion company,

U.S. President Donald Trump claimed a breakthrough with Chinese counterpart Xi Jinping on rare earths and tariffs. Trump agreed to roll back some tariffs on Chinese imports in exchange for Beijing resuming soybean purchases, keeping rare earth exports flowing, and cracking down on fentanyl trafficking.

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Since the beginning of the year, NVIDIA shares have surged nearly 90 percent, making it the single largest contributor to the S&P 500's performance.