Nvidia (NVDA, Financials) is making a serious run at Apples (AAPL, Financials) crown. The chipmakers stock jumped again Wednesday after it signed a large AI chip deal in Saudi Arabia, lifting its valuation to around $3 trillion just shy of Apples.Nvidia agreed to supply hundreds of thousands of its advanced AI chips to a new Saudi-backed firm called Humain. The firm, supported by the countrys Public Investment Fund, plans to roll out data centers and AI services across the region.

The market loved the news. Nvidias stock climbed more than 5% Wednesday, after already rallying the day before. The jump pushed its valuation to about $3 trillion, setting it up to possibly surpass Apple in the coming days.The rally also lifted CEO Jensen Huangs net worth to $120 billion, putting him in the same wealth league as Mark Zuckerberg and Larry Page.The deal gives Nvidia an edge as Middle Eastern countries pour money into building out their own AI ecosystems. It also helps the company counterbalance softening demand in China, where export restrictions have limited shipments of some high-end chips.Nvidias climb to a $3 trillion market cap marks a major milestone in its evolution from a gaming chip company to a key player in global AI infrastructure. The next question: Can it sustain the momentum and leapfrog Apple?

This article first appeared on GuruFocus.