Nvidia leaped back into the vaunted $3 trillion club on Tuesday as its stock shot up following the announcement of a major sale to a state-backed Saudi Arabian AI company.

Humain and Nvidia have signed a deal for a 500-megawatt AI data center in Saudi Arabia. The deal was announced during the Saudi-US investment forum. Humain

NVIDIA CEO Jensen Huang announced alongside President Trump's visit in Saudi Arabia that it will supply AI chips to Saudi AI company Humain.

Shares of Nvidia and other semiconductor stocks surged Tuesday amid optimism about new partnerships and trade deals.

Alongside the nebulous deal, Cisco said that it was extending its existing partnership with G42 to help deploy AI systems in the United Arab Emirates.

Nvidia (NASDAQ:NVDA) could draw attention this week as the Trump administration reportedly moves closer to securing artificial intelligence chip deals with Middle Eastern partners, according to a Tuesday report by The Washington Post.

Other semiconductor stocks also did well Monday after Beijing and Washington agreed to drastically reduce tariffs for 90 days while talks on a more permanent deal continue.