The announcements follow reports that the US administration intends to facilitate AI chip deals between American firms and Gulf nations.

Nvidia’s partnership with Saudi Arabia’s Humain could help offset some of its revenue losses in China, analysts said.

Advanced Micro Devices stock (NASDAQ:AMD) increased by more than 4% during Tuesday's trading session and has risen by nearly 20% over the last month. What factors are contributing to the stock's upward trend?

Some analysts believe that AWS alone could eventually be worth $3 trillion -- which is roughly Nvidia's current market cap. Add in the value of its other businesses, and the case for Amazon outpacing the chipmaker becomes obvious.

Despite Nvidia's AI semiconductor dominance, competitors are innovating to challenge its lead. Read about AMD, Qualcomm, Broadcom, Amazon, and more.

U.S. tech giants including Nvidia, AMD, and Qualcomm have signed major AI deals with Saudi Arabia's new startup Humain, backed by the kingdom's sovereign wealth fund. The agreements coincide with former President Donald Trump securing $600 billion in investment commitments during his Middle East tour.

Shares of Advanced Micro Devices ( AMD 4.62%), commonly referred to as AMD, charged sharply higher on Wednesday, gaining as much as 8.9%. As of 11:34 a.m. ET, the stock was still up 4.9%.

Advanced Micro Devices, Inc.'s growth surges with MI350 AI launch, ROCm updates & strong Data Center revenues. Click for my AMD stock update.