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CNBC’s Jim Cramer lauded the artificial intelligence deals announced after the U.S.-Saudi Investment Forum and touted Gulf countries to be future hyperscalers.
What Happened: According to an X post by Cramer, he said, “I am convinced that the Gulf countries will, when put together, become one of the largest hyperscalers in the world.”
This followed a slew of major deals, including Nvidia Corp.‘s (NASDAQ:NVDA) agreement to supply 18,000 GB300 Blackwell chips to Saudi-based AI startup Humain, backed by the nation’s sovereign wealth fund.
Apart from Cramer, Wedbush Analyst Daniel Ives also hailed the deals on Wednesday, calling it the “AI revolution” in the Middle East.
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 placed his bullish bets on Nvidia, Tesla Inc. (NASDAQ:TSLA), Palantir Technologies Inc. (NASDAQ:PLTR), Microsoft Corp. (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL), and Amazon.com Inc. (NASDAQ:AMZN) after the deals were made.
"Bullish for Nvidia, Tesla, Palantir, Microsoft, Alphabet, Amazon. Just starting," he added.
"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: Amazon‘s Amazon Web Services and Humain also disclosed a strategic $5 billion investment in establishing a pioneering "AI Zone" in the Kingdom.
Saudi-based Humain intends to create AI solutions for its customers using AWS technologies through this partnership.
Nvidia also highlighted its partnership in Riyadh to establish the Kingdom as a global leader in AI, cloud computing, enterprise solutions, digital twins, and robotics. —
This also paved the way for Nvidia’s GB300 Grace Blackwell chips, which will enter the Middle East through these deals. This is after the U.S. curbed the supply of advanced Nvidia chips to China earlier this year.
“It also speaks to this global game of high stakes poker being played by the Trump Admin as while China is getting blockades from Nvidia’s older H20 chip slowing down the AI buildout in Beijing, on the contrary Saudi getting the best Nvidia next generation chips red carpet rollout,” said Ives in an X post.
Price Action: The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, fell in premarket on Thursday. The SPY was down 0.45% to $584.92, while the QQQ declined 0.58% to $515.65, according to Benzinga Pro data.
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