Nvidia shares powered higher in early Thursday trading, putting the stock within touching distance of its all-time high, following a blowout set of third quarter earnings from the chipmaker at the epicenter of its supply chain.

Nvidia shares hit another record high Thursday as concerns earlier this week about a softening in the semiconductor market was eased by TSMC's earnings report.

The S&P 500 is on track to report 7% year-per-year earnings growth for the third quarter, according to estimates from FactSet.