Musk’s xAI Teams with HUMAIN to Develop Saudi Arabia’s AI Supercomputing Network

International markets responded positively to Nvidia's stronger than expected results, which included a 65% profit increase to $31.9 billion and a revenue rise to $57 billion. However, concerns about a potential AI bubble persist despite this financial success.

Nvidia announced plans to rent $26 billion worth of servers from cloud providers over the next six years, doubling its previous cloud spending commitments disclosed three months ago. This move reflects Nvidia's strategic focus on expanding its cloud infrastructure to support its growing artificial intelligence business.

Nvidia reported a 65% increase in profit, reaching $31.9 billion, with revenue for the recent quarter rising to $57 billion. The company's CEO, Jensen Huang, has focused on artificial intelligence chips, significantly boosting Nvidia's position in the tech industry.

Nvidia's quarterly earnings report has garnered significant attention amid a lack of reliable economic data due to the government shutdown. Investors were anxious about the company's performance, particularly regarding its substantial investments in artificial intelligence. The report is expected to provide insights into Nvidia's financial health and the broader implications for the AI sector.

The US has approved the sale of 35,000 advanced AI chips to the Emirati AI firm G42 and the Saudi Arabian company Humain. This decision marks a significant step in bolstering the technological ambitions of both Gulf nations, positioning them as key players in the AI sector.

Nvidia reported a record revenue of $57 billion for the recent quarter, driven primarily by its data center business. The company's profit surged by 65%, reaching $31.9 billion. This strong financial performance has alleviated concerns about a potential AI investment bubble.

Elon Musk's xAI has partnered with the Saudi artificial intelligence company Humain to establish a new data center in Saudi Arabia. This initiative is part of Crown Prince Mohammed bin Salman's strategy to diversify the kingdom's economy. The data center will be xAI's largest outside the United States.

Nvidia reported a 62% year-over-year increase in revenue for Q3, reaching $57.01 billion, surpassing the estimated $54.92 billion. The company's data center revenue rose by 66%. Following this announcement, Nvidia's stock jumped over 5% in after-hours trading, and the company forecasted Q4 revenue above expectations.