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

The global AI infrastructure spending in USD: The Saudi deals with NVDA and AMD plug directly into the biggest growth engine of global AI infrastructure – accelerated servers and cloud platforms, which now drive over 70% of the global infrastructure market.

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

Boeing's deal with Qatar Airways comes as Qatar offered to donate a $400 million 747-8 jumbo jet for President Donald Trump to use as a temporary Air Force One.

Biden restricted the export of U.S. semiconductor chips to Saudi Arabia over national security concerns. Trump rescinded those restrictions.

On Wednesday, Nvidia joined Meta and Microsoft to become the third member of the Magnificent Seven to trade in the green year to date. It's a significant move because the chipmaker — as the word suggests — doesn't deal in intangible products that can slip through trade barriers.

The next front in the AI arms race isn’t Beijing. It’s in Riyadh, at least according to Wedbush. A sweeping new partnership between Nvidia and Saudi Arabia’s sovereign AI initiative, Humain, was the focus of the gathering.