Nvidia’s shares surged 5.6% on Tuesday, boosted by a tens-of-billions-of-dollars artificial intelligence (AI) investment plan agreed between the US and Saudi Arabia. However, the AI powerhouse’s stock remains down 4.5% year-to-date as of market close on 13 May, facing challenges stemming from US-China trade tensions and the launch of China’s DeepSeek, a lower-cost AI model.
CEO Jensen Huang was among the US tech leaders—alongside Tesla’s Elon Musk, OpenAI’s Sam Altman, AMD’s Lisa Su, Palantir’s Alex Karp, and other executives—who accompanied President Trump on his visit to Saudi Arabia. At the investment conference, the White House announced a $600 billion investment pledge by the Middle Eastern kingdom into the US, including a nearly $142 billion defence sales deal, an $80 billion commitment into “cutting-edge transformative technologies” in both countries, and other agreements across energy, aerospace, and sports sectors.
