AMD announced a $10 billion partnership with Saudi Arabia's sovereign wealth fund-backed AI startup, Humain, and Uber CEO Dara Khosrowshahi stated that the company is focused on introducing autonomous vehicles in Saudi Arabia within the year.

President Donald Trump's visit to Riyadh resulted in a $600 billion investment agreement with Saudi Arabia, including $80 billion in commitments from major tech firms — DataVolt, Google, Oracle (ORCL), Salesforce (CRM), Advanced Micro Devices (AMD), and Uber (UBER) — aimed at advancing technological development in the U.S. and Saudi Arabia.

AMD announced on Tuesday that it’s teaming up with Saudi Arabia’s sovereign wealth fund-owned AI startup Humain to spend $10 billion on AI infrastructure over the next five years. 

Nvidia (NVDA) also announced a similar plan on Tuesday with Humain, chaired by Saudi Crown Prince Mohammed bin Salman, to build AI factories with a projected capacity of up to 500 megawatts (MW), leveraging “several hundred thousand” GPUs over five years. 

The first phase of deployment includes Nvidia sending over 18,000 of its new GB300 ‘Blackwell’ chips to Humain.

Meanwhile, Uber CEO Dara Khosrowshahi said autonomous vehicles will soon be seen in Saudi Arabia. 

“You will see autonomous vehicles in Saudi Arabia this year… It’s something that we are very focused on,” he told a panel at the Saudi-U.S. Investment forum on Tuesday, stating that the country represents one of the company’s top-growing markets.

Following the announcement, shares of these companies surged during afternoon trading, with Nvidia's stock leading the gains, rising 6.3%.

AMD’s stock jumped by nearly 4.5%, while Oracle and Uber shares gained over 3% each. Salesforce and Google-parent Alphabet’s stocks recorded gains exceeding 1% each. 

The rally also led broader indexes higher. The SPDR S&P 500 ETF Trust (SPY) gained 0.86%, and the Invesco QQQ Trust (QQQ), which tracks the tech-heavy Nasdaq 100, rose more than 1.7%. However, the SPDR Dow Jones Industrial Average ETF (DIA) remained in the red, edging 0.47% lower.

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Read also: Nvidia To Ship Over 18,000 AI Chips To Saudi Arabia To Build 500MW AI Data Centers