Saudi Arabia wants to rock the casbah. While the U.S. is currently the leader in AI technology, China is looming large in America's rear-view mirror. 💸💰Don't miss the move: Subscribe to TheStreet's free daily newsletter 💰💸 In 2015 China launched "Made in China 2025,

Shares of major defense contractors were mostly down Tuesday after the U.S. announced that Saudi Arabia is buying $142 billion in “state-of-the-art” warfighting equipment and services from U.S. defense firms.

That's the number of deals Saudi Arabian Oil Co., known as Aramco, said Wednesday that it had inked with U.S. companies. The deals, with a potential combined value of $90 billion, came as President Trump visited Saudi Arabia and other Middle Eastern countries.

Saudi Arabia’s plan to invest $20 billion in U.S. artificial-intelligence data centers and energy infrastructure creates big opportunities for AI stocks.

Shares of Arm Holdings ( ARM 5.55%) are moving higher today for two primary reasons. First, there was an upward trend in semiconductor stocks as several companies announced AI deals in the Middle East, assuaging concerns that "AI diffusion" rules won't be as strict as some had feared.

Stocks were set to edge higher on Wednesday, having racked up solid gains the previous session thanks to a cooler-than-expected inflation reading and news of artificial intelligence investments from Saudi Arabia.

Nvidia shares rose for a third straight day Wednesday, with sentiment in the artificial-intelligence sector bosted by tech deals that followed President Trump's visit to the Middle East. BofA Secur

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