Nvidia (NVDA, Financials) shares rose Tuesday after the chipmaker secured a major AI hardware deal in Saudi Arabia, lifting its market valuation to $3 trillion and boosting CEO Jensen Huang’s personal wealth.Nvidia’s stock rally added to a surge that brought the company’s market capitalization to $3 trillion. Shares closed at $129.93, up 5.6%, following news that the firm will sell hundreds of thousands of AI processors to Saudi Arabia.Many of the chips are being allocated to an AI startup funded by Saudi Arabia’s sovereign wealth fund. The announcement came during U.S. President Donald Trump’s Gulf visit, which began in Riyadh and includes a stop in the UAE later this week.Huang’s net worth rose to roughly $120 billion, up from $80 billion last year, according to Forbes. He remains just outside the top ten wealthiest individuals globally.The deal reflects strong continued global demand for Nvidia’s high-performance chips, solidifying its leadership in the AI hardware space. It also ties Nvidia’s growth to geopolitical relationships in the Middle East.Investors will watch for additional regional deals and policy outcomes as Trump’s tour continues and global AI infrastructure spending expands.

This article first appeared on GuruFocus.