Nvidia has once again turned out quarterly results that exceeded Wall Street's forecasts. The company has seen soaring demand for its semiconductors, which are used to power artificial intelligence applications.

Goldman Sachs said Nvidia has another trick up its sleeve to drive its stock price higher going forward: a massive stock buyback program.

Key Takeaways Nvidia is set to deliver its highly anticipated earnings after the closing bell Wednesday.Analysts are overwhelmingly bullish on the chipmaker's stock, with multiple firms raising their price targets ahead of the report.