Nvidia and other AI stocks climbed Wednesday, extending Tuesday's gains as Saudi partnerships stoked excitement for future deals.

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

NVIDIA and the Saudi Data & AI Authority (SDAIA) will deploy up to 5,000 Blackwell GPUs for a sovereign AI factory and enable smart city solutions. NVIDIA and SDAIA will train government and university scientists and engineers on how to develop and deploy models for physical and agentic AI.

As Nvidia CEO Jensen Huang was in Saudi Arabia announcing the Blackwell deal, the Trump administration released a new round of AI chip restrictions targeting China. The Commerce Department issued a warning against the use of U.S. AI chips for Chinese models and singled out "diversion tactics" and securing supply chains to target smuggling.

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

Trump met with Saudi Crown Prince Mohammed bin Salman and attended a US-Saudi investment forum along with Elon Musk and other top CEOs.

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

Super Micro Computer shares are following up Tuesday's 16% surge with another 8% gain as news of [big AI investments by Saudi Arabia](