Saudi Arabia wants to rock the casbah. While the U.S. is currently the leader in AI technology, China is looming large in America's rear-view mirror. 💸💰Don't miss the move: Subscribe to TheStreet's free daily newsletter 💰💸 In 2015 China launched "Made in China 2025,

Newly launched Saudi Arabian AI venture Humain plans to deploy 500MW of data center compute over the next five years featuring AMD hardware. Together, sovereign-backed Humain and AMD will invest $10 billion in the joint effort, which will see facilities built in both Saudi Arabia and the US.

U.S. tech giants including Nvidia, AMD, and Qualcomm have signed major AI deals with Saudi Arabia's new startup Humain, backed by the kingdom's sovereign wealth fund. The agreements coincide with former President Donald Trump securing $600 billion in investment commitments during his Middle East tour.

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

Bloomberg journalists discuss today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.

Advanced Micro Devices (NASDAQ:AMD) just scored a huge win with a $10 billion, multi-year deal to power Saudi Arabia's new HUMAIN AI hub with 500 megawatts of its chips and accelerators. Investors cheered,

Humain, the newly announced AI venture from Saudi Arabia's sovereign wealth fund, is partnering with Amazon Web Services. The two companies will invest some $5 billion to build an 'AI Zone' in the Kingdom, which is separate to the cloud provider's existing $5.3bn region set to come online next year.