Nvidia climbed above a $3 trillion market capitalization for the first time since Feb. 28, pushing its valuation to nearly $3.2 trillion, according to Dow Jones Market Data, Barron’s reports.

The stock (NVDA) rose 5.6% Tuesday to $129.93 a share, adding to a gain of more than 5% Monday on news of a U.S.-China trade deal.

Nvidia was the most active stock in the S&P 500 Tuesday and the third-best performer in the Nasdaq 100 on the news that Arabia’s state-backed Humain will be purchasing hundreds of thousands of Nvidia artificial intelligence chips for a 500-megawatt data center project.

“Humain is going to be building the AI infrastructure here in Saudi Arabia,” Nvidia CEO Jensen Huang said at the Saudi-US Investment Forum in Riyadh.

In Humain’s first phase, it will purchase 18,000 of Nvidia’s GB300 Grace Blackwell Superchips, which can be paired with the industry standard InfiniBand technology.

Technology analysts believe the partnership signals that the Trump administration will grant Saudi Arabia wide access to sophisticated U.S. semiconductors and semiconductor chips.

In fact, Bloomberg News reported Tuesday that the Trump admin may allow the UAE to import more than a million advanced Nvidia chips, far in exess of the limits under Biden-era AI chip regulations.

The deal, which is still being negotiated, would permit the UAE to import 500,000 of the most advanced chips on the market each year between 2025 and 2027.