AMD Partners with Saudi Arabia for Billion-Dollar AI Chip Deal

Published 9 hours agoAMD

AMD Partners with Saudi Arabia for Billion-Dollar AI Chip Deal

AMD has announced a major partnership with Saudi Arabia to supply advanced AI chips, marking a significant move in international tech collaboration. This agreement was unveiled during the Saudi-U.S. Investment Forum held in Riyadh, where both AMD and Nvidia committed to providing semiconductors to Humain, a Saudi AI firm, as part of a billion-dollar project.

The partnership aims to bolster Saudi Arabia's AI infrastructure, contributing to the nation's Vision 2030 plan, which seeks to diversify the economy and establish the country as a global AI powerhouse. Reuters reports that AMD and Nvidia's involvement emphasizes the strategic goals of fostering high-tech development in the region.

Recently, the U.S. government has adjusted its export policies, enabling companies like AMD and Nvidia to supply advanced AI chips to Saudi Arabia. This move is part of a broader effort to strengthen alliances in the Middle East and counterbalance China's regional influence. According to the Financial Times, this deal is integral to a $600 billion package focusing on defense, AI, and economic ties, reinforcing the deepening economic relationship between the U.S. and Saudi Arabia.

Share this article

Twitter Facebook LinkedIn

Recent Articles

Qatar Airways Strikes Historic $96 Billion Deal with Boeing

Qatar Airways Strikes Historic $96 Billion Deal with Boeing

4 minutes agoBA

Qatar Airways has made headlines by signing a historic agreement with Boeing, marking the largest wide-body aircraft order in Boeing’s history. The airline has committed to purchasing up to 210 aircraft, including 130 787 Dreamliners and 30 777X jets, with options for 50 additional wide-body planes. The Financial Times reported that this monumental deal is valued at approximately $96 billion. Key details of the agreement highlight its significance beyond the aviation sector. As part of the deal, GE Aerospace will supply 400 wide-body engines, making it the company's largest engine order to date. This agreement is part of a larger $243 billion economic collaboration between the United States and Qatar, showcasing the strengthening economic ties between the two nations. The announcement of the deal, in tandem with U.S. President Donald Trump's Gulf tour, further underscores its political and economic importance. Despite the scale of the agreement, specific financial details and timelines for aircraft delivery remain undisclosed. Notably, Boeing's stock saw a 1.5% uptick following the announcement, indicating positive investor reception. This deal is poised to not only transform Qatar Airways' fleet but also to reinforce U.S.-Qatar relations, highlighting aviation’s role in international diplomacy.

CoreWeave Achieves Remarkable Revenue Growth as AI Demand Soars

CoreWeave Achieves Remarkable Revenue Growth as AI Demand Soars

19 minutes agoCRWV

CoreWeave, a cloud computing startup supported by Nvidia, has announced impressive financial results in its first earnings release since going public. The company reported a staggering 737% increase in revenue, reaching $1.92 billion in 2024, compared to $229 million in the previous year. This substantial growth is attributed to the rising demand for AI-driven solutions, a key market that CoreWeave is actively leveraging. Benzinga noted this milestone comes as the company navigates its recent IPO. According to Reuters, CoreWeave delivered robust earnings performance in the first quarter, with revenue totaling $981.6 million, surpassing analysts' expectations of $852.9 million. Following this upbeat earnings report, CoreWeave's stock climbed by 11% during after-hours trading, and has risen by 68% since its Nasdaq debut in March, reflecting investor confidence in the company's growth trajectory. CoreWeave has strategically positioned itself as a major player in the AI infrastructure sector by forming a five-year partnership with OpenAI. This collaboration added $11.2 billion to its total revenue backlog, which reached $25.9 billion as of March 31. CoreWeave continues to provide essential high-powered servers and data centers that are critical for developing advanced generative AI technologies, ensuring its prominence in the rapidly evolving AI landscape.

Nextracker Exceeds Expectations with Impressive Q3 Results

Nextracker Exceeds Expectations with Impressive Q3 Results

34 minutes agoNXT

Nextracker Inc., a key player on the NASDAQ under the ticker NXT, has recently announced its third-quarter financial results for fiscal year 2025, surpassing Wall Street’s forecasts. The company reported an adjusted earnings per share of $1.03, significantly outpacing the consensus estimate of $0.59. Revenue for the quarter came in at $679 million, also topping analyst predictions of $617.99 million, according to data from Investing.com. In addition to revenue and earnings strength, Nextracker reported a gross profit of $241 million with a robust gross margin of 35.5%, and a net income of $117 million giving it a net income margin of 17.3%. The company's adjusted EBITDA was reported at $186 million, reflecting a margin of 27.4%. Another standout figure is their backlog, which reached a record $4.5 billion, underscoring future demand. Notably, shares jumped 13.5% in after-hours trading after the earnings call, as highlighted by Investing.com. The company's outlook remains optimistic as it reaffirmed its fiscal year 2025 revenue guidance in the range of $2.8 to $2.9 billion and adjusted its diluted EPS forecast upward to between $3.75 and $3.95. These results reflect Nextracker's strategic initiatives, evident in their recent product introductions like the NX Horizon Hail Pro™ and NX Horizon XTR-1.5™, which are designed to bolster their competitive position in the market.

Cisco Exceeds Expectations with Strong Q2 Performance and Upbeat Year Outlook

Cisco Exceeds Expectations with Strong Q2 Performance and Upbeat Year Outlook

49 minutes agoCSCO

Cisco Systems has announced impressive financial results for its second quarter of fiscal 2025, surpassing analyst expectations. The company reported revenues of $14.0 billion, which was above its guidance range. Earnings per share came in at $0.61 on a GAAP basis and $0.94 on a non-GAAP basis. Notably, Cisco's product orders climbed by 29% year-over-year, bolstered by AI infrastructure orders exceeding $350 million, bringing the total to around $700 million for the first half of the fiscal year. The company also provided an optimistic outlook for the full fiscal year 2025, increasing its revenue projection to between $56.5 billion and $56.7 billion, up from the previous forecast of $56.0 billion to $56.5 billion. Adjusted earnings per share are now expected to be in the range of $3.77 to $3.79, an improvement over the previous estimate of $3.68 to $3.74. Reuters reported that following the announcement of this upbeat guidance, Cisco shares rose by 4% in extended trading. Cisco's strong performance highlights its solid standing in the networking industry, driven largely by increased demand from cloud customers and significant investments in AI-powered data center infrastructure. The company is capitalizing on these trends to improve its market position, as indicated by the substantial growth in product orders and the robust financial outlook provided.