Nvidia’s stock surged 5.6% to $129.93 on Tuesday, propelling CEO Jensen Huang’s net worth to nearly $120 billion—up from $80 billion last year—after the tech giant announced a major AI chip sale to Saudi Arabia.

The company, now valued at $3.17 trillion, secured a deal to supply 18.000 cutting-edge AI processors to Saudi Arabia’s Humain, an AI startup backed by the kingdom’s sovereign wealth fund. The agreement underscores soaring global demand for high-performance semiconductors, cementing Nvidia’s dominance in the AI hardware race.

Huang, who accompanied former U.S. President Donald Trump on a recent Middle East tour, has transformed Nvidia into the world’s most valuable chipmaker. His personal fortune now ranks him 12th on Forbes’ real-time billionaire list, leapfrogging peers in tech and finance.

Nvidia’s shares continued climbing 1% in after-hours trading, reflecting investor confidence in its AI-driven growth. Analysts note the Saudi deal signals expanding partnerships in regions aggressively investing in AI infrastructure.

“This isn’t just about chips—it’s about shaping the future of computing,” said one market strategist. For Huang, that future looks brighter than ever.