Nvidia and Tesla ripped higher this week, boosted by Trump's Middle East tour
It's been a stellar week for technology stocks thanks to thawing global tensions and President Donald Trump's Middle East jaunt.
Tesla and Nvidia jumped 17% and 16%, respectively, this week as tensions eased between the U.S. and China and Trump's Middle East dealmaking tour put tech deals in the spotlight.
Both China and the U.S. announced a 90-day pause on tariffs, in a move that signaled a major de-escalation of the sweeping global trade war that has rattled markets since April.
During a White House-led visit to the Middle East this week, Nvidia CEO Jensen Huang shared plans to sell more than 18,000 of its artificial intelligence Blackwell chips to Saudi Arabia-based Humain to power data centers.
AMD also said it would supply chips to Humain. AMD shares popped nearly 14% for the week.
Tesla CEO Elon Musk was also in Saudi Arabia and said the kingdom approved the use of SpaceX's Starlink satellite internet service for aviation and maritime use. Musk also said he plans to bring robotaxis to the country.
In the United Arab Emirates, the White House announced a partnership to build a sweeping AI campus with several U.S. companies. A source told CNBC that Nvidia is among the companies supporting the project.
Recent White House plans to dial back chip export curbs on China from President Joe Biden's administration for a "much simpler rule" also benefited the sector.
Like many peers, Nvidia needs a license to ship its AI chips to China after the U.S. began cracking down on exports in 2022 due to national security concerns.
Last month, Nvidia said it would record a $5.5 billion charge from H20 GPU shipments to China, which is a key market for the U.S.-based chipmaker. Huang told CNBC that China's AI market could hit $50 billion over the next two to three years, and missing out would be a "tremendous loss."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
16 minutes ago
- Yahoo
Newmark Title Services Provides Title, Escrow Services for $700 Million, National Multifamily Portfolio Recapitalization
NEW YORK, June 12, 2025 /PRNewswire/ -- Newmark Title Services announces that the Company provided title and escrow services for the $700 million recapitalization and refinancing of a national multifamily portfolio owned by Nitya Capital. The 18-property, six-state portfolio includes a blend of Class A student housing and Class B market-rate multifamily assets in high-growth markets such as Dallas, Indianapolis, the Carolinas, Nashville, Phoenix and Las Vegas. The transaction was executed through a Single Asset Single Borrower (SASB) loan structure and required the coordination of a top-tier bank, multiple advisory firms and legal counsel. Newmark Title Services played a central role in managing the closing process from start to finish, overseeing a highly complex set of deal components across a large and diverse asset base. "This transaction demonstrates the depth of expertise and coordination our team brings to large, sophisticated capital events," said Marc Israel, President of Newmark Title Services. "With over a dozen of our professionals dedicated to this assignment, we delivered seamless execution and timely closing for one of the year's most complex multifamily financings." The closing process extended over several months. Newmark Title Services' ability to unify all aspects of title and escrow across the portfolio helped ensure the successful execution of the transaction. "This transaction highlights how Newmark's integrated service offerings can help clients achieve an optimal outcome in even the most complex financings," said Chad Lavender, President of Capital Markets for North America at Newmark. "By delivering precision and efficiency through Newmark Title, we help unlock value and drive results for clients across the commercial real estate landscape." Now operating as Newmark Title Services, our team of professionals leverages a strong foundation built through the 2018 acquisition of the New York City-based, national title agency MiT National Land Services. This strategic integration brought MiT's superior title industry practice into Newmark's expanding suite of commercial real estate services. Since then, Newmark Title Services has grown its national footprint, efficiently facilitating the closing of commercial real estate transactions across the country. About NewmarkNewmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit or follow @newmark. Discussion of Forward-Looking Statements about NewmarkStatements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K. View original content to download multimedia: SOURCE Newmark Group, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16 minutes ago
- Yahoo
Tesla's Texas robotaxi launch: Expect it to be 'low-key'
Tesla's (TSLA) robotaxi will tentatively launch in Austin, Texas, on June 22, according to CEO Elon Musk. CFRA analyst Garrett Nelson thinks this launch will be more of a "low-key" event compared to its big "Cybercab" debut last year. IN the video above, you can hear more of Nelson's take on the launch and why he thinks the stock has some near-term headwinds. To watch more expert insights and analysis on the latest market action, check out more Catalysts here. What are you expecting from this robo taxi launch? Yeah, thanks for having me. We think it's going to be a lot more low-key than the robo taxi day that Tesla held in Los Angeles last October, which was on a Hollywood movie set, very different type of production. I think this is going to be much more low-key. October or sorry, June 22nd is a Sunday, which is very unusual to have a major product launch, but I don't think that's a coincidence. So, I think it's, you know, expectations are high coming into this, but I think the key is really what happens in the three to six months following this event. So, initially, it's only going to be maybe a dozen or so model wise with the most recent version of full self-driving installed on them, operating in a geofenced area of Austin with the vehicle being supervised remotely as well. So, I think a lot of people are going to say, well, why is this so special? You know, what is Tesla doing here that Waymo isn't already doing with the robo taxis that they are operating in Austin. And I think people are going to look at the size of the geofenced area. Waymos is 37 square miles. How quickly they can expand that geofenced area, and then how quickly they can increase the number of vehicles on the roads and also then expand to other markets. What is the time framing for that scaling that would lead you to then raise your own rating and expectations on the stock? Well, Elon Musk thinks they can have maybe a thousand or so on the road by the end of this summer. It seems a bit optimistic, but we'll see. Our main concerns with this stock right now are number one valuation, given this really dramatic rebound since their first quarter earnings release in April. The stock is up, you know, about 100 points from when they reported earnings, only six or seven weeks ago. So, it's valuation at north of 110 times our EPS estimate for next year, but also ongoing market share losses across their three major markets of China, Europe, and the US. That has continued. You look at the China data, Tesla sales were down 15% in May. Meanwhile, total EV sales were up 38% in China. So, in Europe and the US, it's kind of a similar story. So, those near-term issues really concern us here. We know we're right around the corner from their second quarter deliveries report, which will happen in about three weeks. I don't think that's going to be a great release. And so there's some major near-term challenges and valuation being an issue for us also. In addition to the Big Beautiful Bill, in which Tesla will be losing their tax credits, not only on EVs, but for energy storage and solar products as well.
New York Post
16 minutes ago
- New York Post
Elon Musk's Tesla sues former Optimus robot engineer for allegedly stealing trade secrets
Elon Musk's Tesla is suing one of its former engineers for allegedly stealing trade secrets related to its highly anticipated Optimus humanoid robot. The defendant is Zhongjie 'Jay' Li, who cofounded the humanoid robot startup Proception Inc. after working at Tesla from Aug. 2022 to Sept. 2024, according to the complaint filed in San Francisco federal court on Wednesday. The lawsuit alleges Li, who worked on 'advanced robotic hand sensors—and was entrusted with some of the most sensitive technical data in the program,' downloaded Optimus files onto two smartphones. 3 A former engineer is accused of using Optimus technology to create his own startup. REUTERS Li started Proception less than a week after leaving Tesla and the startup claimed to have built humanoid robot hands with a 'striking resemblance' to Optimus just five months later. 'Rather than build through legitimate innovation, trial, and technical rigor, Defendants took a shortcut: theft,' the lawsuit says. 'They misappropriated Tesla's most sensitive materials, sidestepped the laborious process of development, and launched a company based not on original discovery, but on stolen work.' Tesla is seeking unspecified 'compensatory and exemplary damages' against Li, as well an order barring Li and his associates from using any of the company's trade secrets. The company also requested a jury trial in the case. Proception is based in Palo Alto, Calif., according to its LinkedIn page. Li lists himself as founder and CEO of the startup, which he says is 'tackling one of the most challenging and exciting humanoid projects of our time.' Li did not immediately return a request for comment on the lawsuit. In the suit, Tesla's attorneys said that successfully building an advanced robotic hand is 'among the most challenging' tasks in robotics. 3 Elon Musk has said Optimus is key to Tesla's future. AP 'Although Tesla does not disclose the precise year-over-year investments in Optimus, the research and development costs are in the billions of dollars,' the lawsuit says. 'Such an ambitious project demands unparalleled expertise and substantial time and financial commitment to achieve even incremental progress.' Musk has repeatedly described Tesla's Optimus robot as key to the company's long-term health and growth. The billionaire specifically touted Optimus's advanced robotic hand during the company's earnings call in January. 3 The Optimus humanoid robot is still in production at Tesla. Stanislav Kogiku/SOPA Images/Shutterstock 'My prediction long-term is that Optimus will be overwhelmingly the value of the company,' Musk said at the time. Bloomberg was first to report on the lawsuit.
