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Yahoo
16-05-2025
- Business
- Yahoo
Trump Praises Nvidia CEO Jensen Huang At Saudi Summit: 'Tim Cook Isn't Here, But You Are' Controlling 99% Of The Chip Market: 'That's Not Easy To Beat'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. President Donald Trump singled out Nvidia Corp. (NASDAQ:NVDA) CEO Jensen Huang for praise during a U.S.-Saudi Investment Forum on Tuesday, highlighting the chipmaker's planned $500 billion investment in U.S. artificial intelligence infrastructure. What Happened: 'I see my friend is here, Jensen. [Apple Inc. CEO] Tim Cook isn't here, but you are,' Trump said at the Saudi summit. 'What a job you've done. He's got 99% of the chip market. That's not easy to beat.' Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Trump's comments came as part of a broader announcement of over $1 trillion in investments flowing into the United States. The president specifically acknowledged Huang's commitment to building AI infrastructure in America over the next four years. 'Thank you for the investment. We are proud to have you in our country,' Trump told Huang, who was present at the forum. The praise follows Nvidia's April announcement of plans to partner with manufacturers including Foxconn, Wistron, TSMC, Amkor, and SPIL to establish production centers in Arizona and Texas. Production of Nvidia's Blackwell chips is already underway at TSMC's Phoenix It Matters: The comments coincide with Nvidia's stock rally, which has driven the company back into the $3 trillion market cap club. Shares surged following Monday's de-escalation in U.S.-China trade tensions and Tuesday's announcement of a deal to supply 18,000 GB300 Blackwell chips to Saudi-based AI startup Humain. Huang, whose net worth stood at approximately $114 billion on Tuesday, has seen his fortune increase 37% since early April lows following the 'Liberation Day' tariffs announcement. The Nvidia investment was mentioned alongside other major U.S. commitments, including Apple Inc.'s (NASDAQ:AAPL) $500 billion investment and Taiwan Semiconductor Manufacturing Company's (NYSE:TSM) $200 billion investment. Read Next: Hasbro, MGM, and Skechers trust this AI marketing firm — Invest at $0.60/share before it's too late. Invest Where It Hurts — And Help Millions Heal: Invest in Cytonics and help disrupt a $390B Big Pharma stronghold. Photo Courtesy: jamesonwu1972 on Send To MSN: Send to MSN This article Trump Praises Nvidia CEO Jensen Huang At Saudi Summit: 'Tim Cook Isn't Here, But You Are' Controlling 99% Of The Chip Market: 'That's Not Easy To Beat' originally appeared on
Arabian Post
15-05-2025
- Business
- Arabian Post
Trump's Middle East Tour Sparks Diplomatic and Economic Shifts
U.S. President Donald Trump has announced plans to lift longstanding U.S. sanctions on Syria, in place since 1979 and intensified during the Syrian Civil War. During his Middle East tour, Trump revealed the decision at the U.S.-Saudi Investment Forum, describing the sanctions as historically significant yet now detrimental. The sanctions had frozen Syrian assets, banned petroleum imports, and isolated the country from the global economy. Critics highlight that repealing the sanctions, especially those under the Caesar Syria Civilian Protection Act of 2019, will require Congressional approval. The initiative is seen as a diplomatic boost for Syrian President Ahmed al-Sharaa, a former al-Qaeda affiliate leader who rose to power after leading a coalition against Bashar al-Assad in late 2024. Trump's move has drawn regional and international attention, with suggestions it could undermine Iran's influence in Syria and potentially shift Russian oil dynamics. Trump urged al-Sharaa to normalize ties with Israel by signing the Abraham Accords and ensure Syria's cooperation in combating ISIS and foreign terrorism. While experts stress the complexity and gradual nature of the sanctions' removal, the decision marks a potential turning point for Syria's reintegration into the global economy and geopolitics. During his visit to the Gulf, U.S. President Donald Trump announced a major policy shift by lifting long-standing sanctions on Syria, a country devastated by over a decade of civil war. The decision, made at the request of Saudi Crown Prince Mohammed bin Salman, marks a significant change in U.S. foreign policy. Trump also secured a historic $600 billion investment commitment from Saudi Arabia, including an arms deal worth $142 billion, dubbed the largest U.S. defense agreement ever. The deal spans multiple sectors such as defense, energy, and infrastructure, and may eventually reach $1 trillion. Trump's visit emphasized economic cooperation with Gulf nations, including stops in Qatar and the UAE, and was attended by major U.S. business leaders. While he did not visit Israel, Trump urged Saudi Arabia to normalize ties with the Jewish state. He also expressed willingness to negotiate a new deal with Iran but warned of heightened pressure if Tehran does not change its stance. Notably, Trump avoided addressing the Khashoggi murder controversy, praising bin Salman instead. The trip reflects Trump's goal of reinforcing regional alliances against Iran and fostering economic partnerships. During a high-profile diplomatic mission to Riyadh, President Trump endeavored to address four major global crises simultaneously. With $1 trillion in foreign investment as a key motivator, Trump employed a fast-paced and personalized approach to diplomacy, positioning himself as a bold alternative to traditional U.S. foreign policy strategies. In his keynote speech at the U.S.-Saudi Investment Forum, he articulated a vision for conflict resolution and partnership-building. Key developments included lifting U.S. sanctions on Syria post-Assad regime, marking an attempt to offer the new Syrian government an opportunity for revival. In a surprise breakthrough, Trump's envoy secured the release of Israeli-American hostage Edan Alexander from Hamas captivity. Trump also advocated for direct Russia-Ukraine talks and expressed readiness to join leaders in Turkey. Additionally, after nuclear negotiations in Oman, he issued an ultimatum to Iran to accept a new nuclear deal or face renewed pressure. Despite these ambitious efforts, tangible results have yet to materialize, highlighting the gap between Trump's high confidence in his dealmaking skills and real-world outcomes. His approach reflects a rejection of both interventionist and internationalist doctrines in favor of transactional, 'America First' diplomacy. On Thursday, the foreign ministers of Turkey, the U.S., and Syria will convene in Antalya, Turkey, to discuss the implementation details of U.S. President Donald Trump's decision to lift sanctions on Syria. This decision, announced at the behest of Saudi Arabia's crown prince and Turkish President Tayyip Erdogan, marks a significant shift in U.S. policy. The move supports efforts by new allied leadership in Syria, including Islamist President Ahmed al-Sharaa, following the ousting of Bashar al-Assad and the end of a 14-year civil war. Turkish Foreign Minister Hakan Fidan emphasized the historic significance of this policy change, stating it would foster financial investment and infrastructure development in war-torn Syria. The meeting will include U.S. Secretary of State Marco Rubio and Syrian Foreign Minister Asaad al-Shibani, focusing on finalizing the framework established by their leaders. The lifting of sanctions is expected to reconnect Syria with the global financial system, enhance humanitarian efforts, and stimulate foreign investment and trade. However, Fidan noted that formal congressional and administrative processes in the U.S. still need to be addressed to effectuate the full removal of sanctions. On May 14, 2025, Robert F. Kennedy Jr., U.S. Health Secretary, defended significant staff cuts and budget reductions to the Department of Health and Human Services, including an $18 billion reduction to NIH and $3.6 billion from the CDC, as part of the Trump administration's budget plan. These moves were met with protests, particularly from AIDS activists, and legal challenges from major labor unions. Kennedy reversed some layoffs at NIOSH but faced criticism for gutting programs related to HIV prevention and health research. Meanwhile, the House of Representatives advanced Trump's sweeping budget package that includes Medicaid cuts, stricter SNAP work requirements, and a large tax cut favoring higher earners. The bill has drawn heavy criticism for excluding low-income families from child tax credits and for attempts to block AI regulation at the state level. Internationally, Trump's Middle East visit stirred controversy due to his intention to accept a $400 million luxury jet from Qatar and a surprise decision to lift U.S. sanctions on Syria after meeting its president. Harvard pledged $250 million to support research after federal funding freezes. Further concern arose over civil rights staff resignations at the DOJ and GOP plans to restrict nonprofit tax-exempt status based on political alignment. During a significant visit to Saudi Arabia, U.S. President Donald Trump announced a $142 billion arms deal with the nation and delivered a major speech at a U.S.-Saudi investment summit. In his remarks, Trump criticized Western intervention in the Middle East and praised Saudi Arabia for its progress, calling it 'a modern miracle the Arabian way.' He also revealed plans to lift broad sanctions on Syria, indicating a potential shift in U.S. foreign policy toward offering the country a pathway to recovery. Additionally, in a move set to impact global economic dynamics profoundly, the United States and China reached a resolution in their prolonged trade war, which had previously disrupted markets and supply chains worldwide. As a unique gesture of hospitality, Saudi Arabia provided a mobile McDonald's truck for Trump during the state visit. The developments suggest a strategic and economic realignment in U.S. international relations. Saudi Arabia's Crown Prince Mohammed Bin Salman held a phone call with new US President Donald Trump. Prince Mohammed, de facto leader of the world's biggest oil exporter, made the pledge in a phone call following Trump's inauguration on Monday, Saudi state media said. Trump forged close relations with Riyadh in his first term and is now expected to push Saudi Arabia, home of Islam's holiest sites, towards normalising ties with Israel as a major foreign policy objective. 'The crown prince affirmed the kingdom's intention to broaden its investments and trade with the United States over the next four years, in the amount of $600 billion, and potentially beyond that,' the Saudi Press Agency reported. It did not give details of the source of the funds, which represent more than half of Saudi GDP, or how they are expected to be used. Prince Mohammed, 39, also passed on congratulations from his father, King Salman, during the call. The White House said it was Trump's first phone call with a foreign leader since his return to office. 'The two leaders discussed efforts to bring stability to the Middle East, bolster regional security, and combat terrorism,' a statement said. 'Additionally, they discussed the Kingdom of Saudi Arabia's international economic ambitions over the next four years as well as trade and other opportunities to increase the mutual prosperity.' Trump's first visit as president in 2017 was to Saudi Arabia, and this week he joked that a major financial commitment could persuade him to do the same again. 'I did it with Saudi Arabia last time because they agreed to buy $450 billion worth of our product,' he said. Trump quipped he would repeat the visit 'if Saudi Arabia wanted to buy another 450 or 500 — we'll up it for all the inflation'. During Trump's first term, the United Arab Emirates, Bahrain and Morocco broke with longstanding Arab policy to recognise Israel under the 2020 Abraham Accords. The new Trump administration is expected to try to repeat the process with Saudi Arabia, following similar efforts under president Joe Biden. Saudi Arabia broke off talks with US officials about ties with Israel early in the Gaza war, and has repeatedly insisted it will not recognise Israel without the existence of a Palestinian state.
USA Today
14-05-2025
- Politics
- USA Today
How Syria's leader rose from al-Qaeda militant to a meeting with President Trump
How Syria's leader rose from al-Qaeda militant to a meeting with President Trump "He's got the potential - he's a real leader," Trump said on Air Force One after meeting Syrian Interim President Ahmed al-Sharaa. Show Caption Hide Caption Trump says he will end US sanctions on Syria President Donald Trump pledged during a U.S.-Saudi Investment Forum in Riyadh to end sanctions against Syria. Ahmed al-Sharaa rose from al Qaeda militant to Syrian leader. President Trump's decision to lift U.S. santions on Syria is a major boost for Sharaa. Syrian rebels overthrew dictator Bashar al Assad in December. Sharahh broke with al Qaeda in 2016. Syria's Ahmed al-Sharaa has transformed himself from al Qaeda militant to Syrian president in a dramatic political rise capped on May 13 by a meeting with President Donald Trump. The encounter in Saudi Arabia is a milestone for a man who joined al Qaeda in Iraq around the time of the 2003 U.S.-led invasion and spent years in U.S. prison there before returning to Syria to join the insurgency against Bashar al-Assad. The meeting - following Trump's announcement of an end to U.S. sanctions on Syria - is a huge boost for Sharaa as he tries to bring the fractured country under his control and revive its economy, and Trump said he was looking to normalise ties with Damascus. "He's got the potential - he's a real leader," Trump told reporters on Air Force One after meeting Sharaa, whom he described as a young, attractive guy with a very strong past. More: Trump will end Syria sanctions to 'give them a chance at greatness' "He's got a real shot at holding it together," Trump said. Sharaa took power after his Islamist fighters launched an offensive from their enclave in the northwest in 2024 and toppled Assad, whose allies Russia and Iran were distracted by other wars. He was long better known as Abu Mohammad al-Golani, his nom de guerre as commander of the Nusra Front, an insurgent group fighting Assad and for years al Qaeda's official wing in the conflict. He cut ties with al Qaeda in 2016, gradually recasting his group as part of the Syrian revolution rather than global jihad. Sharaa swapped combat fatigues for suits and ties after entering Damascus as Syria's de facto ruler in December 2024, promising to replace Assad's brutal police state with an inclusive and just order. He cited priorities including reuniting Syria, reviving an economy choked by sanctions and bringing arms under state authority. His administration won significant backing from Turkey, Saudi Arabia and Qatar. But he has struggled to meet his aims as armed groups kept their weapons, sanctions remained and sectarian killings left minority groups afraid of his rule. Israel, alleging Sharaa remains a jihadist, has declared south Syria off limits to his forces. It said a strike near the presidential palace in Damascus on May 2 was a warning that it would not let Syrian forces deploy south of the capital or allow any threat to Syria's Druze minority. The challenges were demonstrated in March when Assad loyalists attacked government forces in the coastal region, prompting a wave of revenge killing in which Islamist gunmen killed hundreds of civilians from the Alawite minority, from which Assad hailed. It amplified fears about the jihadist roots of Syria's new ruling group despite Sharaa's promises of tolerance and accountability for the killings. Fears of a slide back towards authoritarian rule were hardened by a temporary constitution focusing power in his hands. Sharia law in Syria? Sharaa characterised Assad's defeat as a God-given victory. He sidestepped interviewers' questions on whether he thought Syria should apply Islamic sharia law, saying it was for experts to decide. The temporary constitution strengthened its role. He cited revolutionary legitimacy for his designation as interim president. He has said elections will take place, but that Syria needs up to five years to organise them properly. In a Reuters interview at the presidential palace, Sharaa underlined his intention to turn the page on Assad's rule. "My chest tightens in this palace. I'm astonished by how much evil against society emanated from every corner," he said. Sharaa was born in Saudi Arabia, where he spent the first years of his life before moving to Syria. His father was an Arab nationalist, an ideology at odds with Sharaa's political Islam. How Syria's opposition fighters overthrew Assad 'The sun of freedom has risen.' Syrian opposition fighters have overthrown Bashar al-Assad after taking control of the capital Damascus. Aljazeera In a 2021 interview with PBS' Frontline, Sharaa said he was influenced by the second Palestinian Intifada, or uprising against Israeli occupation, which began in 2000. He returned to Syria from Iraq once the uprising began, sent by the leader of the al Qaeda-affiliated Islamic State group in Iraq at the time, Abu Omar al-Baghdadi, to build up al Qaeda's presence. Suicide bombers The U.S. designated Sharaa a terrorist in 2013, saying al Qaeda in Iraq had tasked him with overthrowing Assad's rule and establishing Islamic sharia law in Syria. It said the Nusra Front had carried out suicide attacks that killed civilians and espoused a violent sectarian vision. Sharaa gave his first media interview in 2013, his face wrapped in a scarf with his back to the camera. He told Al Jazeera Syria should be run according to sharia law. In his 2021 FRONTLINE interview, he faced the camera in a shirt and jacket. He said the terrorist designation was unfair and that he opposed the killing of innocent people. Asked about his views on the September 11 attacks at the time they happened, Sharaa said anybody in the Arab or Islamic world who said "he wasn't happy would be lying to you, because people felt the injustice of the Americans in their support of the Zionists, their policies towards Muslims in general, and their clear and strong support of the tyrants in the region." "But people regret the killing of innocent people, for sure," he said. The Nusra Front had never presented a threat to the West, he said. Despite its al Qaeda ties, Nusra was regarded as relatively less heavy handed in dealings with civilians and other rebel groups than the Islamic State.
Yahoo
14-05-2025
- Business
- Yahoo
MP Materials, Ma'aden to jointly develop rare earths supply chain in Saudi
(Reuters) - U.S. rare earths miner MP Materials said on Wednesday it has signed a memorandum of understanding with Saudi Arabia's flagship mining company Ma'aden to jointly develop a rare earth supply chain in the Middle Eastern country. WHY IT'S IMPORTANT The agreement was signed on the sidelines of the U.S.-Saudi Investment Forum, where President Donald Trump secured a $600 billion investment from the kingdom which covered the energy, defense and mining sectors. Saudi Arabia has been pushing to become a global critical minerals hub at a time when minerals processing is fast becoming a necessity for tech-focused economies looking to produce their own building blocks for AI, electric vehicles and other sectors. CONTEXT Last month, Reuters reported Ma'aden was weighing a rare-earths partnership with at least one of four foreign firms, including MP Materials, China's Shenghe Resources, Australia's Lynas Rare Earths or Canada's Neo Performance Materials. The partnership between MP Materials and Ma'aden would include mining, separation, refining and magnet production of rare earth minerals. KEY QUOTES "Today's announcement is an important first step towards rebalancing the global supply chain ... especially in robotics and physical AI — while deepening the strategic alliance between the United States and Saudi Arabia," said MP Materials CEO James Litinsky. Ma'aden's CEO Bob Wilt said the partnership was an integral step towards establishing mining as "the third pillar" of the Saudi economy. MARKET REACTION Shares of MP Materials rose nearly 5% before the bell. Sign in to access your portfolio
Yahoo
14-05-2025
- Business
- Yahoo
MP Materials, Ma'aden to jointly develop rare earths supply chain in Saudi
(Reuters) - U.S. rare earths miner MP Materials said on Wednesday it has signed a memorandum of understanding with Saudi Arabia's flagship mining company Ma'aden to jointly develop a rare earth supply chain in the Middle Eastern country. WHY IT'S IMPORTANT The agreement was signed on the sidelines of the U.S.-Saudi Investment Forum, where President Donald Trump secured a $600 billion investment from the kingdom which covered the energy, defense and mining sectors. Saudi Arabia has been pushing to become a global critical minerals hub at a time when minerals processing is fast becoming a necessity for tech-focused economies looking to produce their own building blocks for AI, electric vehicles and other sectors. CONTEXT Last month, Reuters reported Ma'aden was weighing a rare-earths partnership with at least one of four foreign firms, including MP Materials, China's Shenghe Resources, Australia's Lynas Rare Earths or Canada's Neo Performance Materials. The partnership between MP Materials and Ma'aden would include mining, separation, refining and magnet production of rare earth minerals. KEY QUOTES "Today's announcement is an important first step towards rebalancing the global supply chain ... especially in robotics and physical AI — while deepening the strategic alliance between the United States and Saudi Arabia," said MP Materials CEO James Litinsky. Ma'aden's CEO Bob Wilt said the partnership was an integral step towards establishing mining as "the third pillar" of the Saudi economy. MARKET REACTION Shares of MP Materials rose nearly 5% before the bell. Sign in to access your portfolio
