Powered by its sovereign wealth fund of nearly $1 trillion, Saudi Arabia is backing its new AI firm Humain, entering a highly competitive sector some fear is a bubble ready to burst.

The company, launched in May, is bankrolled by Saudi's powerful Public Investment Fund, which has played a key role in financing the kingdom's so-called gigaprojects -- major developments aimed at boosting and diversifying its oil-reliant economy.

Humain this week signed a number of deals during the Future Investment Initiative conference (FII) in Riyadh, where its CEO doubled down on the stated goal of Saudi Arabia becoming the third-largest provider of AI infrastructure, behind the United States and China.

But Riyadh's ambitions to become a global AI hub face fierce competition from the neighbouring Unite

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