Wedbush analyst Daniel Ives praised the upcoming ‘AI Revolution’ in Saudi Arabia and the Middle East after the U.S.-Saudi Investment Forum on Tuesday, which saw a slew of announcements on the artificial intelligence front.
What Happened: The Jensen Huang-led chipmaker announced a new agreement to supply 18,000 GB300 Blackwell chips to Saudi-based AI startup Humain, backed by the nation's sovereign wealth fund.
Ives said in a series of X posts that “the AI Revolution is coming to the Saudi Kingdom and Riyadh will be a major buyer of AI chips, software, autonomous/robotics, datacenters over the next decade.”
He also added that this move will be bullish for firms like, Nvidia, Tesla Inc. TSLA, Palantir Technologies Inc. PLTR, Microsoft Corp. MSFT, Alphabet Inc. GOOG GOOGL and Amazon.com Inc. AMZN.
“Bullish for Nvidia, Tesla, Palantir, Microsoft, Alphabet, Amazon. Just starting,” he added.
He added that this was a part of President Donald Trump‘s administration’s “global game of high stakes poker”. He highlighted the curbs on China to acquire Nvidia’s chips and how the U.S. was steering toward giving Saudi Arabia to supply its next generation chips.
“This is all part of a regional focus in the Middle East building out datacenters and the AI Revolution which will start to vault UAE, Saudi, Qatar to the priority list for US tech companies. Adds major TAM to AI Revolution,” he said.
Why It Matters: Following a dip to $83 billion in the first week of April, shortly after the “Liberation Day” tariffs, Huang’s net worth has since experienced a significant rebound. By the end of Tuesday, it had surged by 37% from that low point, reaching just under $120 billion. –
Also, Nvidia's recent stock rally has driven the company back into the $3 trillion market cap club.
Meanwhile, Trump also appreciated Huang at the Forum and said, "I see my friend is here, Jensen. [Apple Inc. CEO] Tim Cook isn't here, but you are.”
"What a job you've done. He's got 99% of the chip market. That's not easy to beat,” he added.
"Thank you for the investment. We are proud to have you in our country," Trump told Huang.
Price Action: Shares of Nvidia rose 5.63% on Tuesday and were up 2.61% on Wednesday in pre-market trading. However, the stock was down 6.06% on a year-to-date basis and up 42.22% over a year.
Benzinga Edge Stock Rankings shows that NVDA had a stronger price trend over the short, medium, and long term. Its momentum ranking was solid at 82.75th percentile, whereas its value ranking was poor at 6.65th percentile; the details of other metrics are available here.
The SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF QQQ, which track the S&P 500 index and Nasdaq 100 index, respectively, were higher in premarket on Wednesday. The SPY was up 0.16% to $587.79, while the QQQ advanced 0.33% to $517.30, according to Benzinga Pro data.
Read Next:
Image Via Shutterstock
Edge Rankings
Price Trend
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
