A multi-billion dollar deal announced in May, which promised UAE investment in the U.S. in exchange for several hundred thousand AI chips from Nvidia (NVDA) has not materialized after months of talks, frustrating Nvidia CEO Jensen Huang as well as the White House AI Czar David Sacks, The Wall Street Journal’s Brian Schwartz, Amrith Ramkumar, and Josh Dawsey report, citing people familiar with the matter. The agreement is mostly in the hands of Commerce Secretary Howard Lutnick, who initially supported the deal but has since pressed the Emiratis to finalize their U.S. investments before his department authorizes the delivery of the chips, the report states.
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