AI and semiconductor stocks are gaining significantly ahead of the open on Wall Street, extending a strong rally following a recent broad-market sell-off after U.S. President Donald Trump secured $600 billion in commitments from Saudi Arabia for U.S. tech companies during a tour of the Gulf states. Nvidia (NVDA.US) has agreed to sell hundreds of thousands of AI chips in Saudi Arabia as part of a U.S.-Saudi partnership, a sign that demand for the chips is still growing. The corporation, along with Advanced Micro Devices (AMD.US) and Qualcomm (QCOM.US), announced deals with Humain, an AI startup launched Monday by a Saudi sovereign wealth fund.
Meanwhile, shares of Super Micro Computer (SMCI.US) are up 18% premarket.
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NVDA and AMD stocks trade higher in Europe ahead of the open on Wall Street.
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