Nvidia  (NVDA)  shares have jumped nearly 15% over the past five days following a wave of positive news.

The chipmaker has announced a major deal with Saudi company Humain, owned by Saudi Arabia’s Public Investment Fund, to work on developing AI models and building data center infrastructure using Blackwell GPUs.

The multi-year initiative, estimated to be worth between $15 billion and $20 billion, speaks to the vision of “Sovereign AI” — countries developing their own AI using their data, resources, and workforce.

“National investment in compute capacity is a new economic imperative,” Nvidia CEO Jensen Huang said in 2023. “People realize that they can’t afford to export their country’s knowledge, their…