9 AI Stocks Poised to Gain from Trump’s Middle East AI Push

2. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 234

Alphabet Inc. (NASDAQ:GOOG) is an American multinational technology conglomerate holding company wholly owning the internet giant Google, amongst other businesses. On May 13, US President Donald Trump began his Gulf tour, kicking it off with the signing of a strategic economic agreement with Saudi Arabia. The White House revealed that Saudi Arabian firm DataVolt will invest $20 billion in AI data centers and energy infrastructure in the United States. Alphabet’s Google, along with other companies such as Salesforce Inc. and Advanced Micro Devices, will invest $80 billion in cutting-edge transformative technologies in both countries.

In a press release from Google Cloud, the company announced that its $10 billion investment in partnership with PIF will work along with the Saudi technology company Humain to construct an AI hub. According to an Access Partnership study commissioned by Google Cloud, the AI hub will offer an economic benefit of $35 billion to the United States and also support roughly 11,000 American jobs by 2040.

“We are proud of this partnership for a global AI hub that will accelerate the application of AI to deliver innovation, economic growth and societal benefits to Saudi Arabia and to global companies doing business in the region. In addition, together we will create highly-skilled jobs and deliver AI training programs to open new, rewarding career pathways for Saudis. We acknowledge and are grateful for the engagement and policies of both the Trump Administration and the leadership of the Kingdom of Saudi Arabia who are enabling strong execution and the benefits for both countries.”

-Ruth Porat, President and Chief Investment Officer of Alphabet and Google.