Saudi Arabia Taps AMD, Cisco For Cloud Project: Report

Advanced Micro Devices, Inc. (NASDAQ:AMD) and Cisco Systems, Inc. (NASDAQ:CSCO) shares are higher in Wednesday's extended trading session after The Information reported the companies will invest in a Saudi AI-related cloud project. 

Last month, Cisco and AMD announced they will be joining HUMAIN's alliance to build Saudi Arabia's future AI infrastructure.

Read Next: Nvidia’s Jensen Huang Sparks Quantum Stock Frenzy

"The Gulf region’s AI revolution is truly impressive, and Cisco is proud to play a key role in ensuring it is implemented intelligently, securely, and with trusted partners to drive maximum value for governments, businesses, and consumers," Cisco CEO Chuck Robbins said following the May announcement. 

AMD's CEO Dr. Lisa Su made similar comments following last month's announcement. 

“Our investment with HUMAIN is a significant milestone in advancing global AI infrastructure. Together, we are building a globally significant AI platform that delivers performance, openness and reach at unprecedented levels,” Su said. 

AMD, CSCO Price Action: AMD shares were up 0.59% at $121.85  and Cisco shares were up 0.95% at $64.80 in extended trading Wednesday, according to Benzinga Pro. 

Read Next: 

• These Are The 3 Hottest Stock Market Themes Trending Now

Image: Shutterstock