Nvidia (NVDA) stock surged over 5% on Tuesday, pushing the company’s market capitalization back above $3 trillion for the first time since February as a flurry of trade news bolstered prospects for the AI chip giant.

Nvidia CEO Jensen Huang said Tuesday the chipmaker will send its chips to Saudi Arabian AI company Humain for its massive data center plans.

A report from Bloomberg on Tuesday also indicated the Trump administration may cut a deal that would allow the UAE to purchase “more than a million” Nvidia chips, more than current limits set out by Biden’s chip rules.

Wedbush analyst Dan Ives told Yahoo Finance Tuesday these deals shows the secular AI chip demand story is “not just about China.”

Nvidia is set to report its first quarter earnings for its fiscal year 2026 on May 28.