Nvidia Back in the Green Amid Trump’s Global Dealmaking

Nvidia shares climbed more than 4% on Wednesday, pushing the chipmaker into positive territory for the year. The gain came as President Donald Trump continued a series of high-profile economic and diplomatic meetings in the Middle East.

The S&P 500 rose 0.10% and the Nasdaq Composite gained 0.72%, boosted by strong performances from Nvidia and AMD. The Dow Jones Industrial Average declined 0.21%.

Nvidia Surges on AI Chip Deal with Saudi Arabia

Nvidia’s rally followed news that the company would sell over 18,000 artificial intelligence chips to Saudi Arabia. The agreement marks a significant expansion of the company’s global footprint and places Nvidia among the few major tech stocks trading in the green this year.

Nvidia joins Meta and Microsoft as the only members of the “Magnificent Seven” group of U.S. tech giants to post year-to-date gains.

Trump Praises Saudi Ties at Investment Forum

President Trump attended the U.S.-Saudi Investment Forum in Riyadh on Tuesday, where he praised Saudi Arabia’s leadership and Crown Prince Mohammed bin Salman.

“I like you too much,” Trump told the crown prince during his speech. Executives including Nvidia CEO Jensen Huang, Tesla’s Elon Musk, and BlackRock’s Larry Fink were present.

Trump also met with Syrian leader Ahmed al-Sharaa while in Saudi Arabia.

Boeing and Qatar Airways Announce Major Aircraft Deal

During Trump’s state visit to Qatar, Boeing and Qatar Airways announced a deal for up to 210 jets. The agreement is the largest in Boeing’s history and includes 130 Dreamliners and 30 of the 777-9 series, with options for 50 additional aircraft.

The White House valued the deal at $96 billion and said it could support more than one million U.S. jobs.

Klarna Cuts Jobs Due to AI

Klarna CEO Sebastian Siemiatkowski told CNBC the company reduced its workforce from 5,000 to nearly 3,000 employees, citing the adoption of artificial intelligence and natural attrition. Last year, Klarna said AI tools had replaced the work of 700 customer service agents.

The Swedish fintech firm has paused its IPO amid uncertainty caused by Trump’s new tariffs.

New U.S. Restrictions on AI Chip Exports

As Nvidia expanded its AI presence in Saudi Arabia, the Trump administration imposed new restrictions on AI chip exports to China. The Commerce Department cited concerns over diversion tactics and supply chain vulnerabilities.

The policy shift came shortly after the U.S. and China agreed to pause most tariffs, signaling that technology tensions between the two countries remain unresolved.