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AI Chip Startup Groq Secures $1.5 Billion Investment From Saudi Arabia

Groq, a U.S.-based AI semiconductor startup, has secured a $1.5 billion commitment from Saudi Arabia to expand its advanced AI chip delivery in the country. The startup, founded by a former Alphabet AI chip engineer, specializes in AI inference chips that optimize speed and execute commands for pre-trained models.

Groq already has a partnership with Aramco Digital, the tech arm of oil giant Aramco, through which they developed a key AI hub in the region in December. The investment will fund the expansion of Groq’s data center in Dammam, with the startup having obtained the necessary licenses to export its chips despite U.S. export controls.

The announcement was made at Saudi Arabia’s LEAP 2025 event, where the country also secured $14.9 billion in AI investments. One of the technologies supported by the Dammam Center is Allam, an AI language model developed by the Saudi government that operates in both Arabic and English.

In August, Groq raised $640 million in a funding round led by Cisco, Samsung, and BlackRock, bringing its valuation to $2.8 billion.

Cyprus Tourism Revenue Rises 7.4% In Early 2026

Recent data from the Cyprus Statistical Service reveals that tourism revenues rose by 7.4% during January and February 2026 compared to the same period in 2025. This upward trend in earnings comes ahead of the onset of the US-Israel conflict targeting Iran, highlighting the sustained recovery in the tourism sector.

Steady Growth In Tourism Revenues

In February 2026 alone, tourism revenues reached €85.3 million, marking a 7% increase from €79.7 million in February 2025. Over the combined period of January and February 2026, total earnings from tourism climbed to €159.9 million from €148.9 million recorded the previous year.

Increasing Arrivals And Shifting Spending Trends

The robust growth in revenues has been supported by a notable rise in tourist arrivals. January 2026 saw an 8.5% increase in visitors compared to January 2025, with February recording a 9.5% climb. However, the average expenditure per tourist experienced a modest decline; in February 2026, the per capita spend dropped by 2.3% to €581.85 from €595.71 in the same month last year.

International Market Dynamics

Analysis of the visitor demographics indicates that the United Kingdom remained the largest tourism market for Cyprus in February 2026, representing 19.3% of all arrivals. British tourists spent an average of €72.72 per day. Additionally, Poland accounted for 18.4% of visitors, with Polish tourists spending an average of €75.02 daily. Israel emerged as the third-largest market, with 12.6% of arrivals, and its visitors led in daily spending at €157.15.

The continued growth in tourism revenue, coupled with rising visitor numbers, underscores the resilience of Cyprus’ tourism industry amid a shifting geopolitical landscape. As the island nation capitalizes on its appeal to international travelers, strategic investments and market diversification will be critical to sustaining long-term economic momentum.

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