According to a FT article, Saudi Arabia and the United Arab Emirates are buying up thousands of the high-performance Nvidia chips
These chips are crucial for building artificial intelligence software, joining a global AI arms race that is squeezing the supply of Silicon Valley’s hottest commodity. The Gulf powerhouses have publicly stated their goal of becoming leaders in AI as they pursue ambitious plans to turbocharge their economies. But the push has also raised concerns about potential misuse of the technology by the oil-rich states’ autocratic leaders. According to people familiar with the moves, Saudi Arabia has bought at least 3,000 of Nvidia’s H100 chips — a $40,000 processor described by Nvidia chief Jensen Huang as “the world’s first computer [chip] designed for generative AI” — via the public research institution King Abdullah University of Science and Technology (Kaust).
Saudi Aramco 2Q 2023 profit vs. profits of the Majors
Source: company results
BlackRock names Saudi Aramco CEO Amin Nasser to board
Middle East and Saudi Arabia strategic importance for the global economy and financial markets is growing at a fast pace. BlackRock said Monday that Amin Nasser, the CEO of Saudi Aramco, the world’s largest oil company, is joining the asset manager’s board of directors. The world’s largest asset manager said the move reflects the firm’s emphasis on the Middle East as part of its long-term strategy. BlackRock had more than $8 trillion in client assets under management as of 2022. (NB: Not sure that the #esg activists will like it...) Source: CNBC
