Nvidia's (NVDA) and Advanced Micro Devices' (AMD) separate multiyear artificial intelligence infrastructure projects with Saudi Arabia Public Investment Fund's Humain unit can offset restrictions on US firms shipping to China, BofA Securities said in a note Tuesday.
BofA said it estimates the total size of the Humain awards to be between $15 billion and $20 billion over several years, likely beginning for Nvidia later in 2025 and for AMD in 2026.
The firm said sovereign AI is a nice complement to commercial cloud investments with a focus on training and inference of large language models in local culture, language and needs.
Sovereign AI could also help address limited power availability for US data centers, the firm said.
BofA raised its price objective on Nvidia to $160 from $150 and on AMD to $130 from $120, and maintained the companies' buy ratings.
Shares of Nvidia rose 3.2% and AMD advanced 4.6% in recent Wednesday trading.
Price: 134.16, Change: +4.23, Percent Change: +3.26
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