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Progress in Building World's Largest Inferencing Data Center in Saudi Arabia

The third Global AI Summit, which concluded on Thursday in Riyadh. Asharq Al-Awsat
The third Global AI Summit, which concluded on Thursday in Riyadh. Asharq Al-Awsat
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Progress in Building World's Largest Inferencing Data Center in Saudi Arabia

The third Global AI Summit, which concluded on Thursday in Riyadh. Asharq Al-Awsat
The third Global AI Summit, which concluded on Thursday in Riyadh. Asharq Al-Awsat

Aramco Digital, the digital and technology subsidiary of Saudi Aramco, and Groq, a leader in AI inference and creator of the Language Processing Unit (LPU), have announced a partnership to establish the world's largest inferencing data center in the Kingdom.

The announcement was made during the third Global AI Summit, which concluded on Thursday in Riyadh.

The strategic collaboration marks a significant step forward in advancing the Kingdom's digital transformation initiatives and solidifying its position as a global leader in AI and cloud computing.

"This initiative not only aims to create the largest facility of its kind but also ensures seamless access to advanced AI computing power for everyone, offered through our digital marketplace, nawat, in a flexible 'as-a-Service' model,” said CEO of Aramco Digital Tareq Amin.

“Our collaboration with Groq aligns directly with Vision 2030, promoting the localization of advanced technologies, driving innovation, enhancing sustainability, and reinforcing digital excellence within the Kingdom."

The facility will process billions of tokens per day by the end of 2024 and be able to onboard hundreds of thousands of developers in the region and then hundreds of billions of tokens per day with millions of developers by 2025, setting a new industry standard and bringing advanced technology from Groq to the Kingdom.

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Gold Hits All-time High as Fed Rate-cut Hopes Bolster Appeal

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Hits All-time High as Fed Rate-cut Hopes Bolster Appeal

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose more than 1% to hit a record high on Thursday, helped by expectations of an interest rate cut by the Federal Reserve next week after US data signaled a slowing of the economy.
Spot gold was up 1.6% at $2,552.63 per ounce, as of 11:40 a.m. ET (1540 GMT). US gold futures were up 1.5% at $2,581.40, Reuters reported.
The US Labor Department said initial claims for state unemployment benefits rose 2,000 to a seasonally adjusted 230,000.
US producer prices increased slightly more than expected in August amid higher costs for services, but the trend remained consistent with subsiding inflation.
"We are headed towards a lower interest rate environment so gold is becoming a lot more attractive... I think we could potentially have a lot more frequent cuts as opposed to a bigger magnitude," said Alex Ebkarian, chief operating officer at Allegiance Gold.
Markets are currently pricing in an 85% chance of a 25-basis-point US rate cut at the Fed's Sept. 17-18 meeting, and a 15% chance of a 50-bps cut, the CME FedWatch tool showed.
Zero-yield bullion tends to be a preferred investment amid lower interest rates.
"The labor market is continuing to falter and if the labor market deteriorates, the journey that they'll embark on in cutting rates is going to go for an extended period of time," said Phillip Streible, chief market strategist at Blue Line Futures.
Elsewhere, palladium gained 2.3% to $1,031.00 per ounce, hitting its highest in over two months.
Traders said the metal was benefiting from a short-covering rally after Russian President Vladimir Putin said on Wednesday that Moscow should consider limiting exports of uranium, titanium and nickel in retaliation against the West.
"Putin did not mention palladium. But since the metal is a by-product of Russian nickel production, such export curbs could drive down production of both metals and deepen the current deficit in the palladium market," said WisdomTree commodity strategist Nitesh Shah.