Nvidia (NVDA) stock climbs as a major AI partnership with Saudi Arabia and a $23 billion CoreWeave infrastructure plan drive bullish investor sentiment.

The deals served as the coming out party for Humain, a state-backed artificial intelligence (AI) company that operates under the Kingdom’s Public Investment Fund (PIF) and is chaired by Crown Prince Mohammed bin Salman. The company is part of Saudi Arabia’s Vision 2030 strategy to diversify the Saudi economy away from just oil sales.

Under agreements with the US expected to be unveiled in coming days, Saudi Arabia and the UAE are poised to win wider access to advanced AI chips from Nvidia and AMD that are considered the gold

Nvidia stock jumped over 3% early Wednesday after the company and fellow chipmakers announced billions of dollars worth of AI deals with Saudi Arabia.

On Wednesday, Nvidia joined Meta and Microsoft to become the third member of the Magnificent Seven to trade in the green year to date. It's a significant move because the chipmaker — as the word suggests — doesn't deal in intangible products that can slip through trade barriers.

In a geopolitical chess game with billions at stake, Saudi Arabia, the U.S. and Nvidia all have something to gain.

NASDAQ tested new highs as traders focused on the inflation data. NVIDIA and Tesla, which are up by roughly 6%, are among the biggest gainers in the NASDAQ index today. NVIDIA signed a deal with Saudi Arabia to sell its AI chips, which was bullish for the stock.

President Trump gestures to Saudi Crown Prince Mohammed bin Salman as he greets Reema bint Bandar Al Saud, Saudi ambassador to the United States, at the Royal Palace in Riyadh, Saudi Arabia, May 13, 2025 AP/Alex Brandon