Nvidia’s stock surged after a major Saudi AI chip deal and boosted Jensen Huang’s net worth to around $114 billion.

Nvidia leaped back into the vaunted $3 trillion club on Tuesday as its stock shot up following the announcement of a major sale to a state-backed Saudi Arabian AI company.

The Trump administration is clearing a path for two key Persian Gulf allies to pursue their artificial intelligence ambitions — and some of the biggest US tech companies are seizing on that opening wi

Saudi Arabia’s Crown Prince Mohammed Bin Salman launched Humain to develop and manage artificial intelligence technologies.

The next front in the AI arms race isn’t Beijing. It’s in Riyadh, at least according to Wedbush. A sweeping new partnership between Nvidia and Saudi Arabia’s sovereign AI initiative, Humain, was the focus of the gathering.

Bloomberg journalists discuss today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.

Nvidia and Apple are two tech giants benefiting from President Trump's reduction in China tariffs. Of the two, Wedbush analyst Dan Ives said the winner "would have to be Nvidia."