Report: White House allows GPU sales after UAE's $2 billion investment in "Trump family core token company"

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After the United Arab Emirates injected $2 billion into the Trump family’s core token company, World Liberty Financial, the White House approved a proposal to sell hundreds of thousands of advanced AI chips to the UAE.

According to media reports, in May this year, MGX, an investment company under UAE Sheikh Tahnoon bin Zayed Al Nahyan, purchased $2 billion worth of USD1 stablecoins issued by World Liberty to complete an investment in Binance. This essentially provided World Liberty with $2 billion in bank deposits.

Two weeks later, the White House agreed to allow the UAE to acquire hundreds of thousands of the world’s most advanced computer chips. New proposals received by U.S. officials show that the number of chips to be sold to the UAE in the coming years will increase from about 100,000 per year to 500,000 per year, with one-fifth going to the G42 company directly controlled by the UAE Sheikh.

According to the agreement, the chips sold by the United States will be the most advanced products on the market. In return, the UAE has pledged to invest hundreds of billions of dollars over ten years to promote U.S. industrial growth, including investments in the AI sector.

Key individuals involved in the transaction include Steve Witkoff, who serves as Trump’s Middle East envoy, and David Sacks, the government’s head of AI and cryptocurrency affairs.

While serving as Trump’s Middle East envoy, Steve Witkoff co-founded World Liberty Financial with the Trump family. According to the investment prospectus, the Trump and Witkoff families will hold significant shares of the company’s digital currency and receive profit sharing.

David Sacks, as the head of AI and cryptocurrency affairs in the Trump administration, played a key role in the chip negotiations. As a long-time venture capitalist, Sacks has business connections in both Silicon Valley’s tech community and the Middle East.

Craft Ventures, co-founded by Sacks, counts as its early investors the Abu Dhabi Investment Authority now overseen by Sheikh Tahnoon, as well as Saudi Arabia’s Public Investment Fund, which is also seeking AI chips. At least as of this March, Sacks was still investing in stock funds including TSMC, the manufacturer of NVIDIA chips.

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