Nvidia Leads Chips Stocks Higher on Optimism About New Partnerships, Trade Deals
Shares of Nvidia (NVDA) and other semiconductor stocks surged Tuesday amid optimism about new partnerships and trade deals.
Nvidia's stock jumped over 6% in recent trading, and Advanced Micro Devices (AMD) shares were up 4% after the companies said they would supply semiconductors to Saudi Arabian AI startup Humain, as part of initiatives announced as President Trump kicked off a four-day trip to the Middle East, starting in Saudi Arabia.
As part of Nvidia's partnership with Humain, which CEO Jensen Huang reportedly announced on stage at an event in Riyadh, the company said it will deploy "several hundred thousand" of Nvidia's most advanced GPUs over the next five years, starting with an 18,000 GB300 Grace Blackwell AI supercomputer with Nvidia's InfiniBand networking technology.
Meanwhile, AMD said it and Humain would invest up to $10 billion over the next five years to build out AI computing centers "stretching from the Kingdom of Saudi Arabia to the United States."
The announcements come as President Trump reportedly looks to secure $1 trillion in investment and trade pledges from Saudi Arabia, with plans to visit Qatar and the United Arab Emirates as well during his trip.
The White House didn't immediately respond to an Investopedia request for comment on the chip partnerships.
Shares of Broadcom (AVGO), Micron Technology (MU), and other chip stocks were also higher in recent trading, driving the PHLX Semiconductor Index (SOX) up about 3%, extended Monday's gains after the U.S. and China agreed to lower tariffs on each other's imports for 90 days.
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Washington Post
35 minutes ago
- Washington Post
Trump, frustrated with some judges, lashes out at former ally and conservative activist Leonard Leo
NEW YORK — Conservative legal activist Leonard Leo helped President Donald Trump transform the federal judiciary in his first term. He closely advised Trump on his Supreme Court picks and is widely credited as the architect of the conservative majority responsible for overturning Roe v. Wade. But Trump last week lashed out at Leo, blaming his former adviser and the group Leo used to head for encouraging him to appoint judges who are now blocking his agenda. Trump called Leo, the former longtime leader of the conservative Federalist Society, a 'real 'sleazebag'' and 'bad person who, in his own way, probably hates America.' Trump's broadsides came after a three-judge panel at the U.S. Court of International Trade blocked his sweeping tariffs, ruling that he had overstepped his authority when he invoked the 1977 International Emergency Economic Powers Act to declare a national emergency and levy tariffs on imports from almost every country in the world. While an appeals court soon intervened and allowed the administration to continue collecting the tariffs while the legal fight plays out, the decision — and Trump's fury at Leo — underscored the extent to which the judiciary is serving as a rare check on Trump's power as he pushes the bounds of executive authority. The judiciary has intervened as he has ordered mass deportations, deep cuts to university funding and the firing of federal workers en masse. Trump's words reflect his broad frustrations with the judiciary, including members of the Supreme Court he appointed on Leo's recommendation, who have allowed some of his more controversial efforts to move forward, but blocked others. Trump's rhetoric also appeared to be a tactic to shift blame for setbacks to his agenda — this time notably pointing the finger at a person who once helped Trump build credibility with conservative voters. But it's unclear what — if anything — Leo had to do with the tariff decision. Leo said that neither he nor the Federalist Society was involved in shaping appointments to the trade court. He offered only praise for Trump. 'I'm very grateful for President Trump transforming the Federal Courts, and it was a privilege being involved,' he said in a statement. 'There's more work to be done, for sure, but the Federal Judiciary is better than it's ever been in modern history, and that will be President Trump's most important legacy.' Trump's fury came via Truth Social after the court tried to halt the central plank of the president's economic agenda: sweeping tariffs that have rattled global financial markets, dismayed longtime trading partners, and prompted warnings about higher prices and inflation. In response, Trump issued a lengthy and angry missive criticizing the judges behind the decision, accusing them of 'destroying America' and saying he hoped the Supreme Court would quickly reverse 'this horrible, Country threatening decision.' Trump then referred to his first term as president, saying he 'was new to Washington, and it was suggested that I use The Federalist Society as a recommending source on Judges. I did so, openly and freely, but then realized that they were under the thumb of a real 'sleazebag' named Leonard Leo, a bad person who, in his own way, probably hates America, and obviously has his own separate ambitions.' 'I am so disappointed in The Federalist Society because of the bad advice they gave me on numerous Judicial Nominations,' he wrote. 'This is something that cannot be forgotten!' He added: 'Backroom 'hustlers' must not be allowed to destroy our Nation!' Some conservatives, including legal scholars, have been among those pushing back against Trump's trade wars, arguing the Constitution makes clear the power of the purse belongs to Congress, not the president. In April, the New Civil Liberties Alliance, a nonprofit group that Bloomberg Law reported is affiliated with Leo and Charles Koch, filed a separate lawsuit challenging Trump's tariffs on Chinese imports , also accusing him of acting in violation of the International Emergency Economic Powers Act. That move earned the ire of prominent Trump backers like Laura Loomer, who accused both Leo and the Federalist Society of working to undermine the president. The panel Trump assailed included judges appointed by Presidents Barack Obama and Ronald Reagan, as well as Timothy Reif, whom Trump nominated to the trade court during his first term. Reif, a Democrat, had previously worked for the U.S. Trade Representative in both the Obama and Trump administrations. In a questionnaire submitted to the Senate Judiciary Committee as part of his confirmation process, Reif described working on a long list of Democratic campaigns. He volunteered on Edward Kennedy's presidential campaign in 1980, driving the press van in Kennedy's motorcade. He served as press secretary for John Lindsay's Senate campaign in 1980 and volunteered for New Jersey Rep. Rush Holt's reelection effort in 2000, when his responsibilities included 'driving and accompanying candidate's mother to campaign events.' He also volunteered for John Kerry in 2024 and Obama in 2008, and donated small amounts years ago to the Clintons and the Democratic Congressional Campaign Committee. He appears to have participated in one Federalist Society-affiliated event : a panel on international trade in 2011 held by the Georgetown Law Student Chapter. The Federalist Society and Reif did not respond to requests for comment Friday. The White House did not respond to questions about why Trump blamed Leo and the Federalist Society for the decision, but Taylor Rogers, a White House spokesperson, doubled down, calling Leo 'a bad person who cares more about his personal ambitions than our country.' 'These judges must ditch their corrupt allegiance to Leonard and do the right thing for the American people before they completely destroy the credibility of our judicial branch,' she said. Leo is not a household name, but few people have done more to advance conservative legal causes in the U.S. via a sprawling network of conservative groups. Decades ago, he began to execute a plan to build a pipeline for conservative talent, working to identify, support and promote law school students and lawyers who shared his originalist view of the Constitution, and helping them reach the nation's most powerful courts. Such efforts have reshaped the courts and Republican politics , culminating in Trump's first term with the appointment of three conservative Supreme Court justices . Leo's work also has prompted protests outside his home. The Federalist Society got its start on college campuses when Reagan was president. It was conceived as a way to counter what its members saw as liberal domination of the nation's law-school faculties. During his 2016 campaign, as Trump worked to win over social conservatives wary of electing a thrice-married New York businessman, he promised that the Federalist Society would oversee his judicial nominations, assuring their non-liberal bona fides. 'We're going to have great judges, conservative, all picked by the Federalist Society,' Trump told Breitbart News radio. And indeed, all three of the Supreme Court Justices Trump went on to nominate had appeared on a list famously compiled by Leo, who took a leave of absence as executive vice president of the society to serve as an outside adviser in the selection process. Leo has since stepped back from the Federalist Society and is now working to extend his reach beyond the courts with the Teneo Network , which he has described as an effort to 'crush liberal dominance' and create pipelines of conservative talent 'in all sectors of American life,' including Hollywood, entertainment, business and finance.
Yahoo
an hour ago
- Yahoo
'This is a roller coaster ride': How Trump's tariffs turned the 'TACO' trade into Wall Street's biggest debate
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Yahoo
an hour ago
- Yahoo
Buddy Carter becomes first Republican to launch campaign for Ossoff's seat
Rep. Buddy Carter (R-Ga.) launched his candidacy for Senate in Georgia, the first of possibly several Republicans officially seeking to oust Sen. Jon Ossoff (D). 'Georgians will have a very simple choice in 2026: do you want a MAGA warrior for you or do you want a trans warrior for they/them? I'm with you. You can guess where Jon Ossoff is. Game on,' Carter wrote Thursday in a post on the social platform X. Carter's announcement comes after Georgia Gov. Brian Kemp (R) made a much-anticipated decision against running for Senate in 2026. The popular two-term governor's decision was a blow to Republicans, as he was seen as the strongest opponent against Ossoff. Without Kemp in the race, attention turns to several possible candidates who may be looking at running including GOP Georgia Reps. Mike Collins, Marjorie Taylor Greene and Rich McCormick, and Georgia Secretary of State Brad Raffensperger (R). Carter's announcement video said Georgia 'spoke' in favor of President Trump in the November election, but Ossoff 'doesn't care.' It slammed Ossoff for votes against legislation that would have increased funding for border security and that would have pulled federal funding from schools that transgender girls and women to participate in girls and women's sports. 'Jon Ossoff is on the wrong side. Trump has a warrior in Buddy Carter,' the narrator states before the ad shows Trump praising the congressman. 'Buddy helped Trump secure our border and put America first.' Ossoff, a Democratic senator in a state Trump carried, will be a top target for the GOP in next year's midterms. Carter told reporters Georgia needs a senator who will advance Trump's 'America First' policies. He acknowledged the primary could become crowded but said he's running on his record. He said he was waiting for Kemp to make his decision before announcing his own decision. 'I'm for the people of Georgia. I'm for the people who voted for America First policies, and I've been supporting the president ever since I've been up here,' he said. Ossoff's campaign manager Ellen Foster said in a statement that the first-term senator will defeat any Republican challenger he faces. 'While the GOP primary field scrambles to outmaneuver each other and audition for Donald Trump's support, Senator Ossoff's campaign is already building the most effective and unstoppable turnout effort in Georgia's history,' Foster said. The Senate Democrats' campaign arm was quick to denounce Carter's candidacy, saying he 'is kicking off a messy, divisive primary in Georgia that will expose their flawed candidates and leave them with a damaged nominee.' The group said in a statement that Ossoff is 'a champion for Georgians and we are confident he will hold this seat in 2026.' Greene, who has said she's considering a run of her own — as well as a potential gubernatorial bid to replace the term-limited Kemp — said she isn't worried about a messy primary in response to Carter's announcement. 'If I were to get in, I'm not concerned about it at all,' she told reporters. 'Every single poll shows that I overwhelmingly win.' Julia Manchester contributed. Updated at 11:53 a.m. EDT Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
