Technology stocks surged this week as investors welcomed a 90-day tariff pause agreed upon by the United States and China, easing trade tensions that have been weighing on the sector since April. The agreement has had far-reaching implications, with several high-profile deals emerging in its wake.
Key Developments
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Nvidia’s AI Chip Deal: During his meeting with President Donald Trump in Jeddah, Nvidia CEO Jensen Huang announced plans to sell over 18,000 AI Blackwell chips to Saudi Arabia-based Humain for data center usage.
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Tesla’s Starlink Approval: In Riyadh, Tesla CEO Elon Musk revealed that Saudi Arabia has approved the use of SpaceX’s Starlink satellite internet service for aviation and maritime purposes. Musk also stated his intention to introduce robotaxis in Saudi Arabia during his visit.
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U.S.-Abu Dhabi Partnership: The White House announced a partnership between several U.S. companies and Abu Dhabi’s Masdar City Free Zone Authority (AD Ports Group) at an event held in Dubai. The partnership aims to promote investment opportunities between U.S.-based companies and AD Ports Group’s free zones across Abu Dhabi.
Market Reactions
Investors are likely to welcome any signs of progress towards resolving trade tensions between the world’s two largest economies after months of uncertainty. The ongoing global trade war has significantly impacted technology stocks, which have been among the hardest hit sectors due to:
- Supply chain disruptions
- Higher costs associated with tariffs
However, it remains unclear whether this latest development will be enough to reverse recent losses suffered by technology stocks or if it will simply provide temporary relief from ongoing uncertainty surrounding global trade policies.
Investor Sentiment
As investors continue to monitor developments related to U.S.-China relations and their potential impact on global markets, one thing is certain: any signs of progress towards resolving these issues are likely to be met with enthusiasm from investors looking for stability in an increasingly uncertain economic environment.
Stock Performance
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Nvidia Corp: Shares rose 2% after Jensen Huang’s announcement regarding the sale of AI Blackwell chips.
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Tesla Inc: Shares increased by about 1% following Musk’s optimistic remarks about expanding into new markets, including India.
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UAE Partnerships: UAE state-owned conglomerate ADQ signed partnerships worth $4 billion with U.S. companies including:
- Microsoft Corp
- Dell Technologies Inc
- Cisco Systems Inc
- Oracle Corp
- IBM Corp
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Saudi Aramco: Signed agreements worth $10 billion.
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SpaceX: Starlink satellite internet service was approved for aviation and maritime use.
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Stock Movements:
- Nvidia shares were up about 2%.
- Tesla shares were up about 1%.
- Microsoft shares were up less than 0.5%.
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