AsianFin -- Nvidia shares surged as much as 6.4% on Monday, reaching an intraday high of $130.99 and pushing the chipmaker’s market capitalization to $3.16 trillion—its highest level since February.

The rally came after Nvidia unveiled a strategic partnership with AI startup Humain, a subsidiary of Saudi Arabia’s Public Investment Fund. Under the deal, Nvidia will supply its most advanced chips to power AI infrastructure across the kingdom.

The first phase of the project will see the deployment of 18,000 GB300 Grace Blackwell chips in a 500-megawatt AI data center buildout, the companies said in a press release.

The announcement closely follows a separate U.S.-Saudi partnership revealed last Tuesday, in which Riyadh committed to invest $600 billion into U.S. artificial intelligence and energy infrastructure, among other sectors.