Nvidia and AMD have concluded multi-billion-dollar deals with Saudi Arabia

US authorities are preparing an agreement on the supply of significant volumes of Nvidia AI chips to the UAE, which could strengthen the country's position as a key player in the global artificial intelligence industry.

Nvidia and AMD have signed multi-billion-dollar agreements to supply computing accelerators to Saudi Arabia. Nvidia will deliver hundreds of thousands of AI chips, with the first batch of 18,000 of the latest accelerators going to Humain, a startup backed by the country's sovereign wealth fund. AMD also signed a deal with Humain worth $10 billion.

Saudi DataVolt plans to invest up to $20 billion in data centers and energy infrastructure in the US, while the total investment by major technology companies, including Google, Oracle, Salesforce, AMD, and Uber, will amount to $80 billion.

Humain and Nvidia will build "AI factories" with a capacity of up to 500 MW each, requiring hundreds of thousands of accelerators over the next five years. AMD is also involved in similar projects, investing $10 billion in the development of computing power and the supply of hardware solutions. The prospect of new contracts had a positive impact on Nvidia's shares — the company's stock price rose by 5.63%, and its market capitalization exceeded $3 trillion. The net worth of Nvidia founder Jensen Huang reached $120 billion, increasing by 1.5 times over the past few months.

Source: Bloomberg