Nvidia shares rise despite Wall Street sell-off

Nvidia shares saw a significant rise on Thursday, while major US market indices registered a collective decline after Bloomberg News reported Wednesday evening that the United States had approved the export of Nvidia chips worth billions of dollars to the UAE.

Nvidia shares closed Thursday's session higher at $192.57, up 1.83%.

Bloomberg reported, citing sources, that the Commerce Department's Bureau of Industry and Security recently issued export licenses to Nvidia under the terms of a bilateral AI agreement signed in May.

Last May, the UAE Stargate project and the 5-gigawatt UAE-US Artificial Intelligence Campus in Abu Dhabi were announced in partnership with global companies such as OpenAI, Oracle, NVIDIA, Cisco, and SoftBank. This project aims to establish the emirate as a global hub for responsible artificial intelligence, supported by local governance and high-performance computing.

The project is a state-of-the-art computing cluster for AI infrastructure with a capacity of 1 gigawatt (GW) and will be located at the headquarters of the new 5 GW UAE-US AI Campus in Abu Dhabi.

G42 is building the Emirates Stargate, while OpenAI and Oracle are managing its operations. Cisco is providing zero-trust security systems and AI-enabled connectivity infrastructure, along with SoftBank Group and NVIDIA, which will supply the project with its latest Grace Blackwell GP300 systems.

The project aims to provide advanced infrastructure and computing capabilities nationwide, while reducing data processing time to ensure the delivery of AI solutions that meet the demands of a world witnessing increasing growth in this field. The first 200-megawatt computing cluster is expected to be operational in 2026.

The Emirates Stargate project establishes a solid foundation for scalable and reliable artificial intelligence. It will accelerate scientific discovery and drive innovation across multiple sectors, including healthcare, energy, finance, and transportation, contributing to future economic growth and national development.

It's worth noting that the UAE is working to make its mark on the global technological revolution, placing artificial intelligence at the heart of its ambitious vision. Since launching its National Artificial Intelligence Strategy in 2017, the country has set a clear path to building a sustainable, innovation-led knowledge economy, with the ambitious goal of relying on intelligent data analysis and decision-making for all government services by 2031.