Nvidia stock extends gains as Saudi Arabia set to spend billions on AI chips, US moves to rescind Biden’s chip curbs
From Yahoo Finance: 2025-05-14 09:28:00
Nvidia stock surged 3.6% as its market cap exceeded $3 trillion for the first time since February. The gains followed a $3 billion deal with Saudi Arabia, where Nvidia will supply hundreds of thousands of AI chips to Humain over five years.
US chipmakers AMD and Qualcomm also secured deals with Humain for AI data centers, valued at $10 billion and involving supply of chips. The news signifies strong demand for AI hardware, easing investor concerns about AI capex sustainability.
Separately, Super Micro Computer announced a $20 billion deal with Saudi Arabian company DataVolt. The deals were part of a larger $600 billion agreement between Saudi Arabia and US companies for technology, weapons, and infrastructure purchases, although Tuesday’s investments fell short of the $600 billion goal.