A rally from the “magnificent seven” tech stocks perhaps predictably fueled the rally, but this surprise name was the S&P 500’s biggest gainer Thursday.

Nvidia’s stock historically has made dramatic moves in the year after initial Fed interest-rate cuts, and it has outperformed the S&P 500 on average when looking at all rate cuts since the IPO.

Nvidia (NASDAQ: NVDA) CEO and founder Jensen Huang has been consistently selling some of his shares for months now. Even though Nvidia achieved several highs in the past few months, he kept selling, which may lead some people to believe that because Nvidia's insiders are selling, they know the business is at the top.

Nvidia stock has slipped by about 7% over the past month. The stock still makes a solid long-term buy, but another tech sector player is cheaper and may have stronger momentum right now. That said, Nvidia's stock isn't cheap,

It’s Fed decision day—and it'll be difficult for the chip maker's shares to make gains until investors have more clarity about the central bank's next move.