Nvidia Stock Climbs to Record Amid Reported UAE Chip Export Approval

Nvidia's stock has risen to a record high, up around 1.8%, after Bloomberg reported that the U.S. government has approved the export of several billion dollars’ worth of the tech giant’s chips to the United Arab Emirates (UAE), Laura Bratton and Jake Conley reported for Yahoo Finance.

Trump’s AI deals with the UAE and Saudi Arabia have opened up new potential international markets for Nvidia. (Photo: NVIDIA) 

The Commerce Department issued Nvidia its export license to the UAE after the federation solidified earlier commitments to making reciprocal investments in the U.S., Bloomberg reported, citing an unnamed U.S. official.

This marks the first time Nvidia has been allowed to ship its AI chips to the country since Trump became president.

The move follows the announcement of a massive AI infrastructure project called Stargate UAE during President Trump’s visit to the country earlier this year.

The project, unveiled in May, includes a proposed 5-gigawatt data center hub in Abu Dhabi managed in part by OpenAI and Oracle, with infrastructure supplied by Cisco and Nvidia.

Trump’s AI deals with the UAE and Saudi Arabia have opened up new potential international markets for Nvidia as geopolitical tensions cloud its prospects in the Chinese AI market.