The announcements follow reports that the US administration intends to facilitate AI chip deals between American firms and Gulf nations.

Humain, Saudi Arabia’s new artificial intelligence investment company, is teaming up with chipmaker Advanced Micro Devices Inc. to spend $10 billion on AI infrastructure over the next five years.

Saudi Arabia is going all-in on AIand it just roped in a major U.S. chipmaker to help lead the charge. The Kingdom's new AI investment vehicle, Humain, has announced a $10 billion commitment to build a global AI backbone,

The partnership was announced as part of a White House tour to Saudi Arabia, Qatar, and the United Arab Emirates.

Newly launched Saudi Arabian AI venture Humain plans to deploy 500MW of data center compute over the next five years featuring AMD hardware. Together, sovereign-backed Humain and AMD will invest $10 billion in the joint effort, which will see facilities built in both Saudi Arabia and the US.

AMD said on Wednesday that its board of directors approved $6 billion in share buybacks. The stock climbed 8%. The authorization is in addition to $4 billion in existing approved share repurchases, the company said.

Data center development deals feature prominently in the $600B in investment the Trump administration says it has secured from Saudi Arabia.

Bloomberg journalists discuss today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.