“Importantly, they have the capital to do it, and they have the energy resources to do that and are attracting the best global talent as well,” the person added. The Gulf states’ purchases of large numbers of Nvidia chips via state-owned groups come as the world’s leading tech companies rush to obtain the scarce chips for AI development. Last week the Financial Times reported that leading Chinese tech groups such as Tencent and Alibaba were seeking to buy up Nvidia’s high-performance chips. The most advanced LLMs are owned by US companies including Microsoft-backed OpenAI and Google. These groups are also...