Nvidia (NVDA) leaped back into the $3 trillion ꦬclub on Tuesday as its stock shot up following the announcement of a major deal with a state-backed Saudi Arabian AI company. 

Nvidia shares rose nearly 6% to close just under $130. The gains put Nvidia’s 澳洲幸运5开奖号码历史查询:market capitalization at nearly $3.2 trillion, more than every other U.S. company aside from Microsoft (MSFT) and Apple (AAPL). 

Nvidia on Tuesday announced 澳洲幸运5开奖号码历史查询:a partnership with Humain, an AI subsidiary of Saudi Arabia’s 澳洲幸运5开奖号码历史查询:sovereign wealth fund. Nvidia will sell Humain “several hundred thousand” advanced GPUs over the next five years, starting with an AI supercomputer powered by 18,000 GB300 chips. The announcement coincided with the beginning of President Trump’s 澳洲幸运5开奖号码历史查询:four-day tour thro𝐆ugh the Middle East, the first maj🌊or international trip of his second term.

Nvidia became only the third U.S. company to reach a $3 trillion market value 澳洲幸运5开奖号码历史查询:in June 2024. The AI chipmaker's path to that milestone looked very different than the two companies that preceded it, Micro♎soft and Apple. Its shares began a near-constant $3 trillion ascent in late 2022 when the release of ChatGPT sparked the generative AI boom.

It was around the time Nvidia topped $3 trillion that the stock’s m🍨eteoric rise gave way to a more volatile sideways drift. Still, it competed with Apple and Microsoft for the title of the world’s most valuable company throughout the remainder of the year 🥂before its market cap topped out at about $3.66 trillion in early January. 

The stock has been on a wild ride since. The company lost about $1.3 trillion in value between early January and early April as Wall Street questioned both 澳洲幸运5开奖号码历史查询:the economics of AI and how President Trump’s trade war with China would 澳洲幸运5开奖号码历史查询:affect sales. The stock has rebounded in the last month, driven higher by 澳洲幸运5开奖号码历史查询:solid earnings reports from big tech and the White House’s 澳洲幸运5开奖号码历史查询:softened stance on tariffs. Nvidia is set to report its first-quarter results later this month, on May 28.