By Max A. Cherney and Stephen Nellis (Reuters) -A number of U.S. technology firms on Tuesday announced artificial intelligence deals in the Middle East as U.S. President Donald Trump secured $600 billion in commitments from Saudi Arabia to U.

Nvidia’s partnership with Saudi Arabia’s Humain could help offset some of its revenue losses in China, analysts said.

Shares of Advanced Micro Devices ( AMD 4.62%), commonly referred to as AMD, charged sharply higher on Wednesday, gaining as much as 8.9%. As of 11:34 a.m. ET, the stock was still up 4.9%.

TensorWave Inc., a graphics processing unit cloud platform for artificial intelligence that’s focused on offering an alternative to Nvidia Corp.’s market dominance through Advanced Micro Devices Inc. chips, announced today that it has raised $100 million in an early-stage funding round led by Magnetar and AMD Ventures.

Despite Nvidia's AI semiconductor dominance, competitors are innovating to challenge its lead. Read about AMD, Qualcomm, Broadcom, Amazon, and more.

Nvidia and other AI stocks climbed Wednesday, extending Tuesday's gains as Saudi partnerships stoked excitement for future deals.

BENGALURU] Advanced Micro Devices (AMD) on Wednesday (May 14) announced a new US$6 billion stock buyback plan, joining a string of chipmakers that are looking to reduce their float as the artificial intelligence (AI) trade that has powered their shares shows some signs of slowing.

Nvidia and AMD stocks surged after landing major AI chip deals with Saudi Arabias Humain, a subsidiary of the Public Investment Fund. The multibillion-dollar agreements aim to supply advanced processors for massive AI data centers,