Latest news with #Saudi-U.S.
Leaders
16-05-2025
- Business
- Leaders
Saudi Arabia, US Unite to Launch Pioneering Rare Earth Hub
The Saudi Arabian Mining Company (Ma'aden) has collaborated with MP Materials, a leading U.S. rare-earth producer, to establish a fully integrated rare earth supply chain in Saudi Arabia. This collaboration aims to cover all stages, including mining, separation, refining, and magnet production, to enhance industrial depth and support downstream sectors. Ma'aden and MP Materials signed the memorandum of understanding (MoU) during the U.S.-Saudi Investment Forum 2025 in Riyadh, reflecting the growing economic partnership between the two nations. Both countries share a strategic vision to strengthen critical mineral supply chains and support advanced manufacturing industries. Advancing Saudi Arabia's Vision 2030 Goals Ma'aden's CEO, Bob Wilt, emphasized the importance of this partnership in positioning Saudi Arabia as a global hub for rare earth production. 'This initiative aligns with our goal to make mining the third pillar of the Saudi economy, driving industrial and economic growth,' he said. Rare earth magnets are essential for advanced technologies, including robotics, renewable energy, and aerospace. With Saudi Arabia's competitive energy base, world-class infrastructure, and strategic location, this partnership aims to diversify and expand the global rare earth supply chain. MP Materials CEO, James Litinsky, highlighted the significance of this collaboration, calling it 'a critical step in rebalancing the global supply chain during a period of transformational growth fueled by emerging technologies.' This partnership marks a significant milestone in Saudi Arabia's journey to becoming a leader in the critical minerals sector. By leveraging its vast mineral reserves and advanced infrastructure, the Kingdom is poised to play a pivotal role in meeting the rising global demand for rare earth elements. The Ma'aden-MP Materials partnership underscores Saudi Arabia's commitment to economic diversification and technological advancement. This collaboration not only strengthens Saudi-U.S. ties but also positions the Kingdom as a key player in the global rare earth supply chain. Short link : Post Views: 13
Miami Herald
16-05-2025
- Business
- Miami Herald
Palantir's biggest bull drops stock update after CEO joins Trump for Saudi visit
Stephen Guilfoyle is not one to brag. Oh, hell, who are we kidding? Of course, he is, and given the success of Palantir Technologies (PLTR) , you can't really blame him. Don't miss the move: Subscribe to TheStreet's free daily newsletter The big data analytics company's stock has surged 71% since January and skyrocketed nearly 500% from a year ago. Palantir's shares were also up 340% in 2024. "Both years, I gave you PLTR as my 'stock of the year' for the coming year in late December, the first time in my career that I had ever named the same stock as my stock for the coming year for two years in a row," Guilfoyle said in his recent TheStreet Pro column. Palantir stock closed at an all-time high of $130.18 on May 14, on day after hitting a record high of $128.10. In the words of the veteran trader, "this stock is hot as a pistol." Palantir co-founder and CEO Alex Karp was one several executives who accompanied President Donald Trump on his tour of the Middle guest list included such tech A-listers as Nvidia (NVDA) CEO Jensen Huang, OpenAI CEO Sam Altman, Amazon (AMZN) president and CEO Andy Jassy, and of course Tesla (TSLA) CEO and top Trump campaign donor, Elon Musk. "The real action on Tuesday was in and across the generative AI space," Guilfoyle said. "Artificial Intelligence is what the Middle East is interested in right now and what the nations of that region are willing to spend on right now." More Palantir Analysts reset Palantir stock forecast amid rallyVenture capital leader has harsh words for PalantirMusk may be teaming up with Palantir on important project Palantir gets about 55% of its revenue from government agencies, a hefty chunk of which comes from contracts with the U.S. Department of Defense, particularly the Army, for its data analytics and software solutions. During the Saudi-U.S. investment forum on May 13th, Karp praised Saudi engineers for their meritocracy and patriotism, according to Business Insider. "You're seeing a receptivity in this region, especially in the Kingdom," he said. "But the receptivity is on the back of people who have a deep tradition in engineering excellence and quite frankly believe in their own future." Karp also didn't a pass up a chance to stick it to Europe. "Obviously, the great contradistinction here is Europe, where, you know, it's like people have given up," he said. "I really hope that turns around in Europe." In all fairness, Karp isn't the only one carping about Europe's lack of AI readiness. In February, French President Emmanuel Macron raised concerns about Europe's AI prospects. "We are not in the race today," French President Emmanuel Macron told CNN. "We are lagging behind. We need an AI agenda because we have to bridge the gap with the United States and China on AI." Lex Coors, president of the European Data Center Association, warned in March that Europe was at risk of falling irreversibly behind in the global AI race unless the European Commission takes urgent action to scale digital infrastructure. Palantir's stock took a five-star shellacking back in February on reports that Defense Secretary Pete Hegseth had ordered Pentagon officials to cut the U.S. defense budget by 8% annually for the next five years. News that Karp planned to sell off a large number of shares may have been a contributing factor. But the stock bounced back, sparked by such factors as strong demand from both government and commercial clients for Palantir's AI-powered analytics platform, and the recent easing of Trump's tariffs. Related: Palantir stock makes history as analysts revamp price target And Palantir's deal with NATO last month demonstrates the company's continued strength in defense-related markets. Bank of America raised the firm's price target on Palantir to $150 from $125 on May 12 and kept a Buy rating on the shares. Companies continue to announce AI initiatives, product developments, and integrations, but "underneath the marketing and fanfare," the AI tools are "often ChatGPT-wrappers," firm said, referring to OpenAI's chatbot. Conversely, Palantir's value is creating "outcome-focused bespoke AI-enabled products, at scale," BofA said. The firm noted that the speed and scale at which Palantir can deploy products and convert customers is growing. BofA said it views Defense and Commercial markets as both in the "infancy of unlocking real-value via AI." Guilfoyle, whose career dates back to the floor of the New York Stock Exchange in the 1980s, reminded readers of his own investments in Palantir. "Unlike many of your pals on TV, I have skin in this game and PLTR has been my largest holding throughout," said the stock trader, who was a sergeant in the reserve components of the U.S. Marine Corps and the Army. "Not trying to be cocky (of course I'm cocky... I'm infantry), but I really want to know: Has any other financial pundit/guru/spokesperson, or adviser ever come close to doing anything like that for you? " "I don't like to brag (Ok, that is a lie), but PLTR has been a 22-run homer for us, so far. Aaron Judge has never hit one of those," Guilfoyle said, referring to the New York Yankees outfielder. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
15-05-2025
- Business
- Yahoo
Fighter jets, chandeliers, a Cybertruck: See the pomp of Trump's Middle East visit
Leaders in Saudi Arabia and Qatar pulled out the stops this week for President Donald Trump's multi-day tour to the Middle East, including decor, military displays and, yes, a Tesla Cybertruck. It is the first major foreign trip of Trump's second term, making a swing through the three wealthy Gulf nations of Saudi Arabia, United Arab Emirates and Qatar, focusing on economic and investment deals in a region beset with geopolitical volatility. White House Press Secretary Karoline Leavitt said Trump is making the trip for "commerce and cultural exchanges." Trump's Middle East visit: Personal diplomacy and family business intersect in Gulf tour Trump was greeted with elaborate pomp and ceremony in Saudi Arabia's capital on May 13, much like his first official visit in 2017. His arrival into Saudi airspace was flanked by an escort of F-15 fighter jets, landing at the King Khalid International Airport Royal Terminal to an awaiting lavender carpet lined by riders on Arabian horses, guards in regalia and a live band. He was greeted by Saudi Crown Prince Mohammed bin Salman, the de facto leader of the Gulf kingdom. Trump's visit included a coffee ceremony, participation in a Saudi-U.S. investment forum, a visit to a UNESCO World Heritage Site and an extravagant state dinner. His visit is a divergence from the tradition among modern U.S. presidents to visit Mexico or Canada during their first foreign trip, which comes after his administration levied tariffs against the neighboring nations early in his term. Trump's visit places economic deals at the fore, and kicked off the visit with the announcement of a $600 billion commitment from Saudi Arabia to invest in the U.S. and a $142 billion U.S. arms package for the oil-rich nation. The president also announced during his visit that the U.S. will lift long-standing sanctions on Syria and met with the nation's president, Ahmed al-Sharaa, urging him to normalize ties with Israel. What are the Abraham Accords? Trump says his 'fervent hope' is for Saudi Arabia to join Trump's second day began with a similarly carpet-lined arrival, this time red in color. His visit to the country comes amid backlash at home after the president signaled he may accept a Boeing 747 from the government of Qatar as the next presidential aircraft. The proposal has sparked questions about foreign influence on his administration and furthers concerns over Trump's close business ties with the region. Dig deeper: Trump in talks to accept luxury jet from Qatar's royal family Not to be outdone, Qatar's reception of the U.S. president featured its own fighter jet escort of Air Force One, and red Tesla Cybertrucks accompanied the motorcade on the ground. Kathryn Palmer is a national trending news reporter for USA TODAY. You can reach her at kapalmer@ and on X @KathrynPlmr. This article originally appeared on USA TODAY: The pomp of Trump's Middle East visit: Jets, soldiers, a Cybertruck
Yahoo
14-05-2025
- Business
- Yahoo
Why Nvidia Stock Surged Higher Again Today
A visit to the Saudi-U.S. investment forum lands CEO Jensen Huang a big order for Nvidia chips. The White House-led visit also announced a $600 billion commitment for Saudi investments in the U.S. Nvidia will benefit from artificial intelligence (AI) investments in both countries. These 10 stocks could mint the next wave of millionaires › The recovery in Nvidia (NASDAQ: NVDA) stock continues again today. After plunging more than 30% from 2025 highs, shares of the advanced semiconductor company have been staging a comeback in recent weeks. Today's move comes as CEO Jensen Huang attends the Saudi Arabia-U.S. investment forum along with other business leaders and President Trump. Huang has already made that visit lucrative for Nvidia. Investors heard the news of a new business deal for the artificial intelligence (AI) leader and pushed Nvidia shares higher by 5.6% as of 11:45 a.m. ET. Nvidia announced a deal to sell more than 18,000 of its latest Blackwell chips to Saudi Arabian company Humain for hyperscale AI data centers. That deal is just the first phase of a new partnership. Humain plans to be a leading Saudi builder of AI infrastructure that will deploy AI models and other digital platforms. Nvidia will participate in much of that growth. Humain will also utilize Nvidia's Omniverse cloud platform to power applications in a new 500-megawatt data center. Tareq Amin, CEO of Humain, stated, "Our partnership with Nvidia is a bold step forward in realizing the Kingdom's ambitions to lead in AI and advanced digital infrastructure." That's not the only news that has Nvidia shareholders excited today. The White House also announced $600 billion worth of Saudi Arabian investments in the U.S. That includes a planned $20 billion investment in AI data centers and energy infrastructure. While Nvidia wasn't mentioned by name in the announced $600 billion commitment, it stands to reason that it will be involved in supplying chips and other products for the increasing growth of data centers and AI infrastructure in the U.S. going forward. All of that news has investors believing that Nvidia still has a long runway for growth. There is no reason to dispute that belief, and investing in Nvidia stock now looks to be a good bet. Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $318,970!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $40,016!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $598,613!* Right now, we're issuing 'Double Down' alerts for three incredible companies, available when you join , and there may not be another chance like this anytime soon.*Stock Advisor returns as of May 12, 2025 Howard Smith has positions in Nvidia. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy. Why Nvidia Stock Surged Higher Again Today was originally published by The Motley Fool
CNBC
14-05-2025
- Business
- CNBC
Nvidia turns positive for 2025, third 'Magnificent 7' member to do so as favored group regains groove
Nvidia on Wednesday climbed into positive territory for the year, becoming the latest "Magnificent 7" member stock to flip into the green amid the broader market's recovery. The artificial intelligence darling surged more than 4% in the session, bringing its gain for this week above 15%. That rally has pulled the stock up about 0.7% year to date. Nvidia's surge above its 2025 flatline comes after CEO Jensen Huang announced Tuesday that the company would sell more than 18,000 of its top AI chips to Saudi Arabia. Huang joined other technology executives and President Donald Trump on a trip to a Saudi-U.S. investment forum held in Riyadh. Multiple Wall Street analysts told clients that the deal between Saudi Arabia and the U.S. could help the company alleviate any hit from shipping constraints on goods going to China. "We believe the sale of thousands of ... chips to Saudi Arabia this year could help mitigate some of the estimated low-teens billions of dollars in revenue headwinds tied to the China restrictions," Rosenblatt analyst Kevin Cassidy wrote. With Wednesday's jump, the well-known technology giant joined fellow "Magnificent Seven" members Meta Platforms and and Microsoft in trading above breakeven for the year. Meta and Microsoft have risen more than 12% and 7%, respectively, in 2025. This recovery has pushed Nvidia's market cap back above $3 trillion. However, the stock is still more than 13% off its 52-week high notched in January. Nvidia has become a retail investor favorite amid two years of monster gains as the AI craze took the market by storm. Following that big run, traders questioned this year if the trade tied to this technology was losing steam. Concerns about slowing AI spending, coupled with ballooning Magnificent 7 valuations, caused the group to start to roll over in February. Nvidia shares then took another beating early last month as market participants worried that Trump's initial plan for reciprocal tariffs on China would hurt the company given its high manufacturing exposure in the country. But those levies were temporarily slashed in a key trade deal announced between the two countries on Monday which raised hopes that a trade war can be avoided. These moves come as the broader market also clawed back losses. The S&P 500 traded into the green on Tuesday and added to that gain a bit Wednesday, a stunning reversal after the benchmark index at one point this year fell into bear market territory on an intraday basis. To be sure, other megacap tech names continued to drag on the market. Apple and Tesla have tumbled more than 15% and 13%, respectively, year to date. Alphabet is also in the red for the year on lingering concerns AI could be ruining its golden search business.
