TECH - 'Semiconductors Are The New Oil:' Wealth Manager Says Saudi Arabia's Need For Data Centers Is Nudging It Toward Historic US Talks | Benzinga
Following a report that said the U.S. and Saudi Arabia are nearing a historic pact that would offer the latter security guarantees and lay out a possible pathway to diplomatic ties with Israel, an investment advisor weighed in on what may have precipitated the development.
What Happened: Saudi Arabia may have come around because of its need for data centers and semiconductors said, Lumida Wealth co-founder Ram Ahluwalia, explaining the potential backstory behind the rumored deal.
“Semiconductors are the New Oil,” the wealth manager said.
In a win-win proposition, the U.S. would want lower oil and gas prices and a win in the Middle East, Ahluwalia said. The U.S., though not having export controls on Saudi, can interrupt Nvidia chip flow to Riyadh, he added.
“Remember, Saudi is building 60 ...