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,

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

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.

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

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.

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 Trump rescinded those restrictions.

Nvidia’s stock surged after a major Saudi AI chip deal and boosted Jensen Huang’s net worth to around $114 billion.

As Nvidia CEO Jensen Huang was in Saudi Arabia announcing the Blackwell deal, the Trump administration released a new round of AI chip restrictions targeting China. The Commerce Department issued a warning against the use of U.S. AI chips for Chinese models and singled out "diversion tactics" and securing supply chains to target smuggling.