Musk’s xAI to Build 500 Megawatt Data Center in Saudi Arabia

Bloomberg's Caroline Hyde and Ed Ludlow discuss investor expectations ahead of Nvidia's earnings report. Nvidia CEO Jensen Huang and Tesla CEO Elon Musk are set to speak at the US-Saudi Investment Forum. Additionally, Brookfield Asset Management aims to secure $10 billion in commitments for a global AI infrastructure program in partnership with Nvidia and Kuwait's wealth fund.

Executives from Musk's xAI and Nvidia announced plans to develop a data center in Saudi Arabia during a gathering that included President Trump and Crown Prince Mohammed bin Salman. This initiative aims to enhance the region's artificial intelligence capabilities.

Vedanta Ltd. is set to increase its investments in Saudi Arabia as the Indian conglomerate aims to capitalize on the kingdom's aspirations to establish itself as a hub for metals and mining amid its extensive economic transformation.

Elon Musk's AI startup, xAI, is reportedly in advanced discussions to raise $15 billion, which would significantly increase its valuation. The company is currently investing heavily in enhancing its Grok chatbot, similar to other AI startups that are also facing high cash burn rates as they develop their technologies.

The US is set to approve the sale of advanced artificial intelligence chips to the Saudi Arabian AI firm Humain, according to sources familiar with the matter. This decision comes as Saudi Crown Prince Mohammed bin Salman meets with US President Donald Trump, marking a significant step for the state-backed venture. The approval is seen as a positive development for both the US technology sector and Saudi Arabia's ambitions in AI.

Tareq Amin is promoting Saudi Arabia as a prime destination for AI computing power, leveraging the country's oil wealth. His sales pitch has gained traction in Silicon Valley, where tech companies are increasingly seeking robust AI infrastructure. This initiative aligns with Saudi Arabia's broader strategy to diversify its economy and invest in technology sectors, moving away from its traditional reliance on oil revenues.

The Trump Organization is set to develop a luxury resort in the Maldives valued at $300 million in partnership with a Saudi Arabian firm. This project will involve tokenizing the hotel development, indicating a shift towards integrating blockchain technology in real estate ventures. The initiative reflects the growing trend of utilizing digital assets in large-scale investments, particularly in the hospitality sector.