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Al Etihad
14-05-2025
- Business
- Al Etihad
Trump's Middle East visit opens floodgate of AI deals led by Nvidia
14 May 2025 19:47 (BLOOMBERG)The Trump administration is clearing a path for Saudi Arabi and the UAE to pursue their artificial intelligence ambitions - and some of the biggest US tech companies are seizing on that opening with plans to spend billions of dollars in the agreements with the US expected to be unveiled in coming days, Saudi Arabia and the United Arab Emirates are poised to win wider access to advanced AI chips from Nvidia Corp. and Advanced Micro Devices Inc., which are considered the gold standard for running AI shares rose broadly in anticipation of eased restrictions on exports of advanced AI chips. Nvidia climbed 5.6% while AMD surged 4% on Tuesday, and both companies extended those gains in Wednesday of Super Micro Computer Inc. jumped nearly 20% after markets opened in New York on Wednesday before paring some deals are taking shape while President Donald Trump visits the Middle East seeking to forge deeper business ties that put US technology initiatives at center stage. Even before any formal announcement of agreements between the US and its partners, news began to emerge of American companies readying expanded projects in the the world's biggest semiconductor maker, will supply its most advanced artificial intelligence-related chips to Saudi Arabia's Humain, a company created to push that country's AI infrastructure efforts. Humain will get 'several hundred thousand' of Nvidia's most advanced processors over the next five years, starting with 18,000 of its cutting-edge GB300 Grace Blackwell products and its InfiniBand networking Nvidia's closest rival in AI accelerators, will provide chips and software for data centers "stretching from the Kingdom of Saudi Arabia to the United States" in a $10 billion project, Humain and AMD AI, a US tech venture, also plans to collaborate with Humain, in an agreement expected to be worth billions of dollars, according to a person familiar with the matter. Founded by US tech industry veterans, Global AI intends to build a data center in New York that will rely on chips developed by Nvidia, with plans for more Inc. And Humain said they would invest more than $5 billion to build an 'AI zone' in Saudi Arabia. Among other projects, Humain will use technologies from the Amazon Web Services cloud unit to develop a marketplace of AI agents for use by Saudi Arabia's government. AWS announced last year that it would open a cluster of data centers in Saudi Arabia, part of a $5.3 billion investment in the Systems Inc., the world's largest provider of networking gear, is working with Humain as well. The company said it would combine its 'global expertise with the kingdom's bold AI ambitions' to build infrastructure. It also extended a partnership with Abu Dhabi AI firm Micro said Tuesday it had inked a $20 billion deal with Saudi data center company DataVolt for high-powered servers. Super Micro sells data center infrastructure which often contains Nvidia chips and also counts Elon Musk's xAI among its Arabian venture capital firm STV launched a $100 million artificial intelligence fund with backing from Alphabet Inc.'s Google. The investments will be focused on early-stage startups in the Middle East and North Africa and support the development of infrastructure, according to a statement. It didn't disclose the amount of capital put up by AI initiatives stood out in a flurry of investments unveiled on the first full day of Trump's visit to the region. In Riyadh, Saudi Arabia's capital, Trump was joined by Crown Prince Mohammed bin Salman in hailing closer commercial relations. The deals also have included expanded purchases of Boeing Co. passenger jets and a promise by the Kingdom to allow Elon Musk's Starlink service to be used in aviation and maritime shipping. To pave the way on artificial intelligence, the US moved formally Tuesday to rescind the so-called AI diffusion rule launched under President Joe Biden. The measure, which created three broad tiers of access for countries seeking AI chips, had faced intense opposition from companies like Nvidia and American allies over the constraints it placed on countries' chip purchases. Trump administration officials are now drafting their own approach that is expected to shift toward negotiating individual deals with countries. Trump's Middle East visit Continue full coverage
Mint
14-05-2025
- Business
- Mint
Donald Trump is in Saudi Arabia for his Gulf tour, and so are Elon Musk and Sam Altman. But, why?
United States President Donald Trump is in Saudi Arabia for his official Guld tour. Since landing he has announced a flurry of deals, including in the semiconductors and artificial intelligence space. Later this week, he is also expected to travel to the United Arab Emirates (UAE). But, sharing the stage with Donald Trump, were some other high profile faces. Tesla chief Elon Musk, OpenAI's Sam Altman, Nvidia's Jensen Huang, and Uber's CEO Dara Khosrowshahi among others. The Washington Post in its reports dubbed it the 'largest single assemblage of America's tech' since Donald Trump's own inauguration in January. Besides Musk, Altman, Huang and Khosrowshahi, the others who made it to the event were Amazon CEO Andy Jassy, AMD CEO Lisa Su, venture capital firm Andreessen Horowitz's general partner Ben Horowitz, Epic Games' CEO Tim Sweeney, Google's president and chief investment officer Ruth Porat, Palantir CEO Alex Karp, and Uber's former CEO and founder Travis Kalanick. The report further noted that there were some big names that did not make it. These include Amazon founder Jeff Bezos, Apple CEO Tim Cook, Google CEO Sundar Pichai, Intel's management, LinkedIn co-founder Reid Hoffman, Meta chief Mark Zuckerberg, and Microsoft CEO Satya Nadella or President Brad Smith, The event was promoted as 'the first US-Saudi investment summit', but featured tech industry representatives heavily, when compared to executives from finance, banking and other industries, the report noted. So, why were they in the Saudi capital of Riyadh? To solicit investment for their AI ambitions from the oil-rich kingdom, the report added. Saudi in turn is looking to diversify from oil into other fields. Under agreements with the US, Saudi Arabia and the UAE are poised to win wider access to advanced AI chips from Nvidia and Advanced Micro Devices (AMD) during Donald Trump's Middle-East visits. We list what is on the cards: Inc. and Humain said they would invest more than $5 billion to build an 'AI zone' in Saudi Arabia. AMD is set to provide chips and software for data centers 'stretching from the Kingdom of Saudi Arabia to the United States' in a $10 billion project, Humain and AMD said. Cisco Systems Inc., the world's largest provider of networking gear, is working with Humain to combine its 'global expertise with the kingdom's bold AI ambitions' to build infrastructure. It also extended a partnership with Abu Dhabi AI firm G42. Global AI, a US tech venture, also plans to collaborate with Humain, in an agreement expected to be worth billions of dollars, sources told Bloomberg. Nvidia, the world's biggest semiconductor maker, will supply 'several hundred thousand' of its most advancedd AI chips to Saudi Arabia's Humain over the next five years. This includes 18,000 of its cutting-edge GB300 Grace Blackwell products and its InfiniBand networking technology. The UAE could also get 5,00,000 advanced Nvidia chips each year from now till 2027, sources told Bloomberg. One-fifth would be set aside for G42, while the remainder would go to US companies building data centers in the Gulf nation, they added. OpenAI is considering building new data center capacity in the UAE, sources said. They added that the details are not final and could change. Elon Musk's space internet company Starlink has also signed a deal with Saudi Arabia, for service of the Kingdom's aviation and maritime shipping. Saudi Arabian venture capital firm STV launched a $100 million AI fund with backing from Alphabet Inc.'s Google, focused on early-stage startups in the Middle East and North Africa for infrastructure development, according to a statement. How much Google will contribute is not yet known. (With inputs from Bloomberg)
Mint
14-05-2025
- Business
- Mint
Donald Trump's administration to overhaul US semiconductor export policy amid flood of AI chip deals in Saudi, UAE
United States President Donald Trump's administration is looking to overhaul Joe Biden-era regulations related to the export of semiconductors, Bloomberg reported. This was announced by the US Commerce Department on May 13. Joe Biden's AI diffusion rules, for use of chips in artificial intelligence, were set to come into force on May 15. It faced stiff opposition from chip majors including Oracle and Nvidia, it added. The rule created three tiers of access for countries seeking to import AI chips from US companies. Sources told the publication that the Trump administration is instead considering negotiating individual deals with countries. Further, and the US Commerce Department is also issuing guidance that use of Huawei's Ascend AI chips 'anywhere in the world violates US export controls'; and plans to issue public warning about potential consequences of allowing US AI chips to be used in developing Chinese AI models. In its statement on May 13, the agency said the scrapped rules 'would have undermined US diplomatic relations with dozens of countries by downgrading them to second-tier status'. A former repeal of the rule will be notified and a replacement will be issued 'in the future', it added. This came just ahead of Donald Trump's tour to the middle-east, which he began in Saudi Arabia today. He is expected in the United Arab Emirates later this week. Debate around export of AI chips from the US to China is ongoing, both Biden and Trump seeking to regulate shipments due to concerns that advanced chip and AI technology could lend China a military edge. The US first imposed sweeping restrictions on advanced chip sales to China in 2022, and has continually upgraded restrictions since. The Gulf and Southeast Asia (over 40 countries) were included in these measures in 2023. Under agreements with the US, Saudi Arabia and the UAE are poised to win wider access to advanced AI chips from Nvidia and Advanced Micro Devices (AMD) during Donald Trump's Middle-East visits. We list what is on the cards: Inc. and Humain said they would invest more than $5 billion to build an 'AI zone' in Saudi Arabia. Rival AMD is set to provide chips and software for data centers 'stretching from the Kingdom of Saudi Arabia to the United States' in a $10 billion project, Humain and AMD said. Cisco Systems Inc., the world's largest provider of networking gear, is working with Humain to combine its 'global expertise with the kingdom's bold AI ambitions' to build infrastructure. It also extended a partnership with Abu Dhabi AI firm G42. Global AI, a US tech venture, also plans to collaborate with Humain, in an agreement expected to be worth billions of dollars, sources told Bloomberg. Nvidia, the world's biggest semiconductor maker, will supply 'several hundred thousand' of its most advancedd AI chips to Saudi Arabia's Humain over the next five years. This includes 18,000 of its cutting-edge GB300 Grace Blackwell products and its InfiniBand networking technology. The UAE could also get 5,00,000 advanced Nvidia chips each year from now till 2027, sources told Bloomberg. One-fifth would be set aside for G42, while the remainder would go to US companies building data centers in the Gulf nation, they added. OpenAI is considering building new data center capacity in the UAE, sources said. They added that the details are not final and could change. Elon Musk's space internet company Starlink has also signed a deal with Saudi Arabia, for service of the Kingdom's aviation and maritime shipping. Saudi Arabian venture capital firm STV launched a $100 million AI fund with backing from Alphabet Inc.'s Google, focused on early-stage startups in the Middle East and North Africa for infrastructure development, according to a statement. How much Google will contribute is not yet known. (With inputs from Bloomberg)
Yahoo
14-05-2025
- Business
- Yahoo
On Middle East tour, Trump touts US tech to power post-oil future
US President Donald Trump didn't show up empty-handed on the first international trip of his second term. Joining him in Saudi Arabia were almost three dozen CEOs of America's biggest companies, including Big Tech giants that signed $600 billion worth of deals. They brought some of the most coveted must-haves of the global economy: artificial intelligence (AI) chips that will power the Middle East's biggest tech infrastructure projects, which are seen as crucial to securing the region's post-oil future. The agreements highlight the importance of America's AI offerings as a key bargaining chip for Trump as he seeks to project himself as a consummate dealmaker and diplomat on the world stage, as well as securing closer ties with countries in the Gulf, especially Saudi Arabia. Elon Musk, OpenAI's Sam Altman, Nvidia's Jensen Huang and IBM's Arvind Krishna were all part of Trump's entourage for his first stop in Saudi Arabia on Tuesday, where he was met on the tarmac by the kingdom's crown prince Mohammed bin Salman. It's a significant policy shift from former President Joe Biden, who had promised to make the kingdom a 'pariah' after the murder of Washington Post columnist Jamal Khashoggi in 2018. A US intelligence report says that the crown prince, who welcomed Trump on the royal purple carpet on Tuesday, approved the operation to capture or kill the Saudi journalist. Days before the president left for his three-nation tour of the Gulf, the Trump administration announced plans to rescind a set of Biden-era curbs meant to keep AI chips out of the hands of foreign adversaries, which would have affected their sale to countries in the region. 'The deals celebrated today are historic and transformative for both countries and represent a new golden era of partnership between the United States and Saudi Arabia,' the White House said in a statement Tuesday. Although Saudi Arabia is the world's biggest oil exporter, the kingdom and neighboring countries are using money from energy sales to diversify their economies. Saudi Arabia has announced that initiatives dubbed 'giga-projects' are key to the country's Vision 2030 plan, which aims to modernize the country and wean its economy off oil. As part of those efforts, Saudi Arabia's Public Investment Fund, its sovereign wealth fund, announced the establishment of AI startup Humain on Monday to position the country as a 'globally competitive AI hub.' AI chip designer Nvidia, the market leader, announced a strategic partnership on Tuesday with Humain to build 'AI factories' in the country with a projected capacity of up to 500 megawatts. To power those facilities, Nvidia will sell several hundred thousand of its most advanced graphic processing units there over the next five years, beginning with 18,000 of its top-of-the-line GB300 Grace Blackwell chips. 'These hyperscale AI data centers will provide a secure foundational infrastructure for training and deploying sovereign AI models at scale,' Nvidia said in a statement. Like Nvidia's Huang, AMD's chief Lisa Su was also in Riyadh. Her company unveiled a $10 billion deal with Humain to build AI infrastructure, while San Diego-based Qualcomm said it had separately signed an agreement with the AI startup to deliver advanced AI data centers. Keith Strier, senior vice president of global AI markets at AMD, told Reuters that Humain didn't want to be locked into using a single vendor for AI-related hardware. After Saudi Arabia, Trump is due to fly to neighboring Qatar and lastly to the United Arab Emirates, which has tech ambitions of its own. In 2017, it appointed the world's first minister dedicated to AI. In April 2024, Microsoft announced a $1.5 billion investment in G42, an AI group based in Abu Dhabi, capital of UAE, and chaired by an influential member of the ruling royal family. The New York Times reported on Monday that the Trump administration was considering a deal that could see the sale of hundreds of thousands of US AI chips to G42. Last year, a US congressional committee called on the Commerce Department to investigate G42's alleged links to Chinese military companies and intelligence services (G42 denied any such connections). The Microsoft investment required G42 to cut ties with Chinese hardware suppliers, reportedly including Huawei, in favor of US companies.
Mint
14-05-2025
- Business
- Mint
Nvidia gains 5.6% on AI chip deal with Saudi Arabia, CEO Jensen Huang's net worth surges to $120 billion — details
Shares of artificial intelligence chipmaker Nvidia soared 5.6 per cent on May 13 on news that it would deliver at least 18,000 chips to Saudi Arabia, under a new deal secured by United States President Donald Trump, according to a Reuters report. The stock rise nudged Nvidia's market value to $3 trillion and pushed founder-CEO Jensen Huang's net worth close to $120 billion, the report added. The deal includes Nvidia selling 'hundreds of thousands' of its AI chips to Saudi sovereign wealth fund-run AI startup called Humain. Nvidia shares closed 5.6 per cent higher at $129.93 on May 13 amid Donald Trump Gulf tour, which he kicked off in Saudi Arabia. He will visit the UAE later this week. Jensen Huang's net worth has risen to around $120 billion, which is up from $80 billion in 2024. Notably, this takes the Nvidia chief into the top 10 of the Forbes real-time billionaires list, the report added. According to a Bloomberg report, the 62-year-old Nvidia Chief's pay package has also jumped 46 per cent due to the stock award component in his salary. His compensation saw $996,514 from stock awards in 2024, and is near at $1.5 million now. Under agreements with the US, Saudi Arabia and the UAE are poised to win wider access to advanced AI chips from Nvidia and Advanced Micro Devices (AMD) during Donald Trump's Middle-East visits. We list what is on the cards: Nvidia, the world's biggest semiconductor maker, will supply 'several hundred thousand' of its most advancedd AI chips to Saudi Arabia's Humain over the next five years. This includes 18,000 of its cutting-edge GB300 Grace Blackwell products and its InfiniBand networking technology. Rival AMD is set to provide chips and software for data centers 'stretching from the Kingdom of Saudi Arabia to the United States' in a $10 billion project, Humain and AMD said. Global AI, a US tech venture, also plans to collaborate with Humain, in an agreement expected to be worth billions of dollars, sources told Bloomberg. Inc. and Humain said they would invest more than $5 billion to build an 'AI zone' in Saudi Arabia. Cisco Systems Inc., the world's largest provider of networking gear, is working with Humain to combine its 'global expertise with the kingdom's bold AI ambitions' to build infrastructure. It also extended a partnership with Abu Dhabi AI firm G42. Saudi Arabian venture capital firm STV launched a $100 million AI fund with backing from Alphabet Inc.'s Google, focused on early-stage startups in the Middle East and North Africa for infrastructure development, according to a statement. How much Google will contribute is not yet known. The UAE could also get 5,00,000 advanced Nvidia chips each year from now till 2027, sources told Bloomberg. One-fifth would be set aside for G42, while the remainder would go to US companies building data centers in the Gulf nation, they added. OpenAI is considering building new data center capacity in the UAE, sources said. They added that the details are not final and could change. (With inputs from Agencies)
