Quick overview

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Nvidia’s market valuation surpassed $3 trillion for the first time since February. NVDA stock surged almost midday Wednesday, continuing its gain from the previous day, when shares increased by about 6%.

US chipmakers, including Nvidia, announced billions of dollars in deals with Saudi Arabia during an investment forum attended by President Trump on Tuesday

Beginning with the sale of one of its latest Grace Blackwell AI supercomputers, which uses 18,000 of its cutting-edge GB300 chips, Nvidia stated that it will provide several hundred thousand of its AI chips to Saudi Arabia’s AI venture Humain over the next five years.

Crown Prince Mohammed bin Salman chairs Humain, a new artificial intelligence company owned by Saudi Arabia’s $925 billion Public Investment Fund,  launched just a day before Trump visited the country. In a note to investors on Wednesday, Bank of America analysts raised their price target for Nvidia stock from $150 to $160, estimating the deal’s total value at $7 billion.

A Bloomberg report on Tuesday suggested that the Trump administration might reach an agreement to allow the United Arab Emirates to buy “more than a million” of Nvidia’s AI chips, further supporting the company’s stock.
Humain has announced agreements to purchase chips from fellow US chipmakers Advanced Micro Devices (AMD) and Qualcomm (QCOM) for its ambitious AI data center plans in the coming years, a deal with AMD worth $10 billion.