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Economic Times
4 minutes ago
- Economic Times
Trump to unveil $70 billion in AI and energy investments
AP President Donald Trump in Washington. (AP Photo/Evan Vucci) President Donald Trump will announce $70 billion in artificial intelligence and energy investments in Pennsylvania on Tuesday, the latest push from the White House to speed up development of the emerging is expected to share details of the new initiatives at an event outside Pittsburgh, according to an administration official, who spoke on the condition of anonymity to discuss the planning. Investments from a range of companies will include new data centers, power generation expansion and grid infrastructure upgrades, along with AI training programs and apprenticeships, the official added. Trump will be joined by Republican Senator David McCormick who's hosting the inaugural Pennsylvania Energy and Innovation Summit at Carnegie Mellon University. AI and energy leaders, including as many as 60 executives, are expected to attend. Among those slated to participate are BlackRock Inc.'s Larry Fink, Palantir Technologies Inc.'s Alex Karp, Anthropic's Dario Amodei, Exxon Mobil Corp.'s Darren Woods and Chevron Corp.'s Mike Wirth, the official said. Blackstone Inc.'s Jon Gray is expected to announce a $25 billion project for data-center and energy infrastructure development and a joint venture to increase power generation, which is expected to create 6,000 construction jobs annually and 3,000 permanent jobs, according to Jake Murphy, a spokesman for McCormick. Blackstone declined to comment. Axios reported the details of summit earlier. The announcements Tuesday would mark the latest step by Trump toward meeting his pledge of ensuring US leadership in artificial intelligence. Since the start of his second term, the president has taken a wide-ranging approach that includes drawing in private-sector investments, moving to ease regulations and accelerating the permit process for new projects. Earlier this year, Trump announced a $100 billion investment in AI data centers from SoftBank Group Corp., OpenAI Inc., and Oracle Corp. The administration has also rescinded Biden-era AI chip curbs as part of a broader effort to boost American innovation and ease US allies' access to advanced administration's moves are aimed at keeping the US ahead of China in the race for an advantage in AI. China has invested significantly in the emerging technology, and the Chinese startup DeepSeek rattled investors on Wall Street in January with its breakthrough R1 model that suggested AI could be developed for far lower cost. Trump and other administration officials have also stressed the importance of meeting another tech industry priority: ensuring the US has enough power to run energy-hungry AI data centers. In their view, adequate electricity supply is intertwined with national security, essential to keeping the US ahead of global competitors in the race to dominate artificial intelligence. By 2035, data centers are projected to account for 8.6% of all US electricity demand, more than double their 3.5% share today, according to data from Bloomberg Trump administration has said expanding the use of coal-fired power, along with electricity from natural gas and nuclear, is needed to help fuel the boom and has warned of future blackouts if the that fails to happen. The US Energy Department has already used emergency authority to keep two-power plants that were slated to close online, and has signaled additional federal intervention may be hosting the event in Pennsylvania, Trump and McCormick are elevating the political importance of accelerating AI development. The Keystone state is a so-called battleground that former President Joe Biden won in 2020 and Trump took 2024. The event follows the closing of the $14.1 billion acquisition of Pittsburgh-based US Steel Corp. by Nippon Steel Corp., an agreement that ended a bruising takeover battle that was embroiled in American politics for months until finally gaining support from Trump. That deal is expected to domestic steel production and protect thousands of jobs. Both Trump and Biden also jockeyed for the support of union workers, and the deal is opposed by the United Steelworkers union. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. The 10-second mystery: Did the Air India crash report hide more than what it revealed? Can Indian IT's 'pyramid' survive the GenAI shake-up? Zee promoters have a new challenge to navigate. And it's not about funding or Sebi probe. The deluge that's cooling oil prices despite the Iran conflict Stock Radar: Natco Pharma stock showing signs of momentum after falling over 30% from highs – what should investors do? In mid-caps, 'just hold' often creates wealth: 10 mid-cap stocks from different sectors with upside potential up to 44% F&O Talk | Foreign outflows, IT drag pull nifty lower; next support at 24,500: Rahul Ghose How to use dividend yield in volatile times: 6 stocks where this strategy has a high chance of giving much better returns
Bloomberg
7 minutes ago
- Bloomberg
Russia's Frozen $245 Billion Can Pay for Ukraine's Arms
The mood in Kyiv early this year was upbeat. Many hoped a new US president dedicated to 'peace through strength' would produce a more robust American approach to ending Russia's invasion. Few believed Donald Trump would be duped into handing over Ukraine's best negotiating cards by Vladimir Putin's professions of peace. Yet it happened, and the effect on Ukrainian morale has been devastating. Now, finally, there's a glimmer of hope. In his comments from the White House on Monday, Trump made it clear that the worst possible outcome for Ukraine — a US refusal to go on supplying air defense and other critical weapons — has been avoided. But as always with Trump, there are conditions. He will continue sending Kyiv weapons only if other nations pay for them. And although he threatened Russia with 100% secondary tariffs, these would take effect only after 50 days, giving Putin the rest of the summer to press his offensive with impunity.
CNN
11 minutes ago
- CNN
CNN speaks with father of American citizen killed by settlers in West Bank
Saif Musallet was just weeks away from celebrating his 21st birthday before the American citizen became one of two men killed on Friday by settlers in the West Bank, according to the Palestinian Health Ministry. CNN's Jeremy Diamond spoke with Saif's father who is demanding an American investigation into his son's death.
