Nvidia stock jumped over 3% early Wednesday after the company and fellow chipmakers announced billions of dollars worth of AI deals with Saudi Arabia.

Boeing's deal with Qatar Airways comes as Qatar offered to donate a $400 million 747-8 jumbo jet for President Donald Trump to use as a temporary Air Force One.

On Wednesday, Nvidia joined Meta and Microsoft to become the third member of the Magnificent Seven to trade in the green year to date. It's a significant move because the chipmaker — as the word suggests — doesn't deal in intangible products that can slip through trade barriers.

Nvidia's stock rose over 5 per cent, pushing its value past $3 trillion. New global deals and upcoming faster AI chips are boosting investor confidence, despite trade worries and fears of lower tech spending.

Shares of Nvidia and other semiconductor stocks surged Tuesday amid optimism about new partnerships and trade deals.

The Trump administration is preparing to announce a deal granting Saudi Arabia more access to advanced semiconductors, paving the way for increased data center capacity in the Gulf nation despite concerns from some US officials about its ties to China,