Latest news with #WhiteHouse-led
New York Post
4 days ago
- Business
- New York Post
Left-wing hedge fund D.E. Shaw fears ‘reprisals' over DEI from Trump administration: sources
Staffers at the notoriously secretive hedge fund D.E. Shaw fear the wildly lucrative left-wing firm could face 'reprisals' from the Trump administration over its woke DEI policies, The Post has learned. The New York-based powerhouse founded by billionaire David E. Shaw — whose algorithm-driven trades made it the most profitable hedge fund in 2024, raking in $11.1 billion for investors, according to Institutional Investor magazine — has grown remarkably quiet of late when it comes to diversity, equality, and inclusion, sources said. D.E. Shaw did not respond to The Post's emailed request for comment for this article. 8 Billionaire David E. Shaw, who has a long history of donating to Democrats, founded the money-spinning firm in 1988. YouTube/WebsEdge Science The company, which gave a young Jeff Bezos his big break in finance before he set up Amazon in 1994, has promoted DEI policies for years. A June 2019 memo obtained by The Post that was written by managing director Eddie Fishman encouraged staffers 'to display their pronouns' that 'align with their gender identity' in their emails so managers could 'foster an inclusive culture.' 8 The June 2019 memo. Obtained by the NY Post But a review by The Post of archived pages from D.E. Shaw's website shows that its DEI language has since been scrubbed, including references to how the firm 'actively promotes LGBTQ+ inclusion.' Now, its site merely says it's seeking 'talented people with diverse perspectives and backgrounds.' One insider said top brass at the Wall Street firm — whose 74-year-old namesake helped bankroll the presidential campaigns of Kamala Harris, Joe Biden, Barack Obama and Hillary Clinton — made 'a strategic move' to steer away from full-throated wokeness over fear of catching the attention of the White House. 'There was some concern that aggressive policies would make the firm a target for reprisals by the current administration,' the source said. 'And we were about as aggressive as you could get.' 'They were going 100 miles an hour on DEI in public, only then to drop to zero and fall off a cliff,' said another staffer. 'The communications have certainly been ratcheted back,' claimed a third employee. 'It's not as in-your-face as it once was.' 8 Amazon founder Jeff Bezos met his ex-wife Mackenzie Scott while working at D.E. Shaw. The then-couple quit in 1994 when Bezos set up the online retail giant. REUTERS 8 Top DOJ lawyer Harmeet K. Dhillon issued a stern warning to corporate America in a Senate hearing on July 23: 'The goal is clear: either DEI will end on its own, or we will kill it.' CQ-Roll Call, Inc via Getty Images D.E. Shaw's retreat follows a Supreme Court ruling last month and a White House-led crackdown on corporate DEI policies, which critics say lower performance standards and foster so-called reverse discrimination. Top Department of Justice lawyer Harmeet K. Dhillon, the assistant attorney general for civil rights, issued the starkest of warnings to corporate America during a testimony to the Senate Judiciary Committee on July 23. 'The goal is clear: either DEI will end on its own, or we will kill it,' the top Trump administration official said. Nevertheless, five sources with direct knowledge of the matter told The Post that executives at the company — founded by computer scientist Shaw in 1988 after he did stints at Stanford, Columbia and Morgan Stanley — are still paying lip service to wokeness to the rank and file. 'They have said internally that our commitment and programs regarding DEI are not changing,' said another senior D.E. Shaw source, who spoke on condition of anonymity. 'They have themselves in a bit of a bind. They went hardcore DEI to appear progressive and cater to liberal recruits,' a veteran of the firm added. 'Internally, they are putting a brave face on it. But they are now very worried that the administration will start looking into them.' 8 President Trump has ordered the DOJ to crack down on the DEI policies that flourished under the Biden-Harris administration. Bloomberg via Getty Images 8 The woke job placements mysteriously disappeared from the DE Shaw website after The Post approached the firm for comment about its DEI policies. Fearing Trump's ire, the hedge fund appears to have axed its 'inclusive' Bridge internship. The program was set up in 2016 for 'historically underrepresented' groups in finance. The 'woke' job placement schemes still featured prominently on D.E. Shaw's website last week. But they have now been deleted after The Post approached the firm for comment on their DEI policies on Friday. According to an archived version of D.E. Shaw's Campus website — an online recruitment portal — the firm created three programs aimed at diverse recruitment. Its 'Discovery' program was 'designed for students who self-identify as women', while 'Momentum' was aimed at those 'who self-identify as part of the LGBTQIA+ community D.E. Shaw also had a program called 'Latitude,' which was 'for students who self-identify as Native American or Alaska Native, Black or African American, Hispanic or Latino, or Native Hawaiian or Other Pacific Islander.' 8 One scheme called Momentum was open to students who self-identify as part of the 'LGBTQIA+ community.' Other Wall Street giants including Goldman Sachs, BlackRock, Bank of America and Jamie Dimon's JPMorgan Chase have scaled back their public commitments to DEI. The Post reported exclusively how Goldman decided to give woke the boot — on its website at least — when its partners met with CEO David Solomon in Miami in February. The Post attempted to speak to additional employees at D.E. Shaw, but they declined, citing fears of retribution from D.E. Shaw's management, which has even been known to weigh in on whether employees can attend social gatherings with people who have left the company. 'It is definitely something that people are talking about at the firm,' a separate person briefed on the matter told The Post. 'The irony is that the whole firm is still very white and very male,' said another source. 8 Former Treasury Secretary Larry Summers is one of the biggest names among the DE Shaw alumni. He served both the second Clinton and first Obama administrations. Getty Images The hedge fund's leadership team counts two females, Alexis Halaby and managing director Anne Dinning, amongst its ranks. The firm last made major headlines in 2022 when it was forced to pay a $52 million defamation settlement to one of its former rising stars, Dan Michalow, after an arbitration panel found that it had falsely accused him of sexual misconduct. Michalow, who always denied any wrongdoing, left the company not long after the start of the #MeToo movement, where hundreds of rich and powerful men were accused of sexual misdeeds. Aside from Amazon's Bezos and his ex-wife, Mackenzie Scott, D.E. Shaw's most famous alum is arguably Lawrence Summers. He served as treasury secretary under Bill Clinton and as director of Barack Obama's National Economic Council.
CNN
7 days ago
- Business
- CNN
Powell privately adamant that he will serve out his full term at the Fed
Federal Reserve Chair Jerome Powell has told multiple associates and allies that there's no chance he will bow to President Donald Trump's calls for him to resign, vowing to withstand several more months of the president's unprecedented, multi-pronged assault over Powell's refusal to lower interest rates. The top central banker has privately argued that he must stay put for more than just personal reasons — the fate of his chairmanship is now linked with that of the Fed's overall independence, according to people familiar with the discussions. He has said that stepping down now would undermine the institution's longstanding freedom from political interference. 'He feels very strongly that his responsibility is to maintain that independence,' said GOP Sen. Mike Rounds of South Dakota, who is among those who have personally questioned Powell over whether he might quit. 'I've asked him, and he says no, that would reduce the independence of the Federal Reserve.' Powell's determination to serve out his term through May 2026 ensures he will remain the target of a White House-led attacks on the Fed, which has faced intensifying pressure to cut interest rates. That coordinated effort has put the central bank's traditionally staid decision-making under intense scrutiny — and raised fresh concerns about the potential economic consequences of meddling with monetary policy for political purposes. A low-key economic expert who did a stint in the George H.W. Bush administration, Powell has earned a reputation over more than a decade at the Fed as studiously non-partisan 'straight shooter' who relies on reams of data to make decisions, according to people who worked with him. His detachment from day-to-day politics, despite what one of the people described as his moderately conservative learnings, helped Powell earn bipartisan support in the Senate when Trump nominated him to chair the Fed in 2017. But the no-frills approach that appealed to Trump in his first term has since become yet another strike against the Fed chair. The president has repeatedly bristled at Powell's unwillingness to engage with his calls to cut rates. And Powell's generally stoic personality has done little to win Trump over. 'I think he's terrible,' Trump said earlier this month. 'It's like talking to a chair. No personality.' Trump has ratcheted up his criticism in recent weeks, openly saying he hopes Powell resigns, accusing him of trying to damage his presidency and insulting him on a near-daily basis as 'stupid,' a 'numbskull' and 'truly one of my worst appointments.' Those attacks have been regularly amplified by Trump aides and close allies, who at some points have spread unfounded rumors that the Fed chair's resignation was imminent. The White House in recent weeks has spent significant time spotlighting the price tag of a renovation project at the Fed, launching investigations into the cost overruns for the $2.5 billion project and suggesting it could be a fireable offense. On Thursday, Trump sought to press the issue by traveling to the Fed to tour the construction, where Powell personally escorted him around. The Fed chair stood by as Trump advocated for rate cuts, at one point laughing awkwardly as the president slapped him on the back and said he'd 'love him to lower interest rates.' 'I just want to see one thing happen,' Trump said later. 'Interest rates have to come down.' Despite the criticism, Trump reiterated that he has no plans to fire Powell — his advisers have warned that doing so would tank the financial markets and spark an economic crisis. But Trump and his aides have instead sought to make Powell's tenure as painful as possible to undermine his credibility and potentially even drive him to quit. Trump allies have homed in on the Fed's pricey renovation, viewing it as a particularly potent weapon. (Trump has pushed his own renovations at the White House, albeit on a much smaller scale.) Still, his allies argue that they can use the Fed project to increase public pressure on Powell by contrasting the hefty spending on the Fed headquarters with everyday Americans' struggles to afford homes — something they point out could be alleviated if the central banker would cut interest rates. 'Every day that Jerome Powell is in Washington is a gift to the president,' said one Trump adviser, who likened the pressure campaign to boiling a frog. 'Either Jerome Powell leaps or he boils.' A Federal Reserve spokesman declined to comment for this article, pointing instead to Powell's prior public pledges to serve the entirety of his term. Yet for all the furor coming from the White House, Powell has indicated to associates that he's keeping his head down. Publicly, he's remained solely focused on carrying out the Fed's work setting monetary policy without consideration of the political reverberations. That approach appeared to pay off at least temporarily on Thursday, with Trump backing off his harshest rhetoric following a conversation with Powell during the Fed construction tour that he described as a 'very productive talk.' 'There's always Monday morning quarterbacks, I don't want to be that,' Trump said afterward, declining to criticize the renovations that he and his aides had previously described as a scandal. 'It got out of control, and that happens.' The détente may not hold much longer, with the Fed widely expected to hold rates steady next week and delay any shift in policy until the fall. That decision is likely to infuriate Trump, who has fixated on cutting rates as a way to further juice the economy ahead of next year's midterm elections. But in both private and public, Powell has shrugged off the political implications, emphasizing the need to stick solely to the economic considerations that have long guided the Fed. 'The best defense for the Fed is to get the policy right,' said Bill English, a Yale professor and former director of the Fed's division of monetary affairs. 'I feel sorry for the guy, but the best he can do at this point is hang tough and do the best job he can on monetary policy.' Outside of Trump's orbit, Powell's resolve to finish his term has won praise from Democrats — including many who had previously criticized him during the Biden era when the Fed kept raising rates to try to combat a surge of inflation. At the time, Powell's insistence on keeping rates higher for longer in pursuit of a so-called economic soft landing prompted consternation among some in the Biden White House and the broader Democratic Party who worried the approach would tip the country into a recession. But former officials have since rallied around him, anxious over the potential fallout should Powell decide to leave. 'He's putting the integrity of the institution above himself,' said Jared Bernstein, who chaired the Biden-era Council of Economic Advisers. 'If I were a 72-year-old guy who's getting verbally abused by the president on a daily basis, retirement would look pretty good. But I really believe that Powell is engaged in protecting the institution.' As for Republicans, some lawmakers wary of damaging the Fed's credibility have encouraged the White House to back off its criticisms, arguing that it'll benefit Trump more when Powell does begin lowering interest rates if it doesn't come amid a cloud of political pressure. Yet until that message breaks through, they're putting their faith in Powell — and hoping he stays true to his word. 'The vast majority of the members of the Senate are smart enough to have been in contact with the markets, they've observed the markets, they know what an impact it would be on the markets should there be any inkling that the Fed was being coerced,' said Rounds, the Republican senator. '[Powell's] in the right position. He's got a very tough position, but I respect him for the position he's taken.'
CNN
7 days ago
- Business
- CNN
Powell privately adamant that he will serve out his full term at the Fed
Federal Reserve Chair Jerome Powell has told multiple associates and allies that there's no chance he will bow to President Donald Trump's calls for him to resign, vowing to withstand several more months of the president's unprecedented, multi-pronged assault over Powell's refusal to lower interest rates. The top central banker has privately argued that he must stay put for more than just personal reasons — the fate of his chairmanship is now linked with that of the Fed's overall independence, according to people familiar with the discussions. He has said that stepping down now would undermine the institution's longstanding freedom from political interference. 'He feels very strongly that his responsibility is to maintain that independence,' said GOP Sen. Mike Rounds of South Dakota, who is among those who have personally questioned Powell over whether he might quit. 'I've asked him, and he says no, that would reduce the independence of the Federal Reserve.' Powell's determination to serve out his term through May 2026 ensures he will remain the target of a White House-led attacks on the Fed, which has faced intensifying pressure to cut interest rates. That coordinated effort has put the central bank's traditionally staid decision-making under intense scrutiny — and raised fresh concerns about the potential economic consequences of meddling with monetary policy for political purposes. A low-key economic expert who did a stint in the George H.W. Bush administration, Powell has earned a reputation over more than a decade at the Fed as studiously non-partisan 'straight shooter' who relies on reams of data to make decisions, according to people who worked with him. His detachment from day-to-day politics, despite what one of the people described as his moderately conservative learnings, helped Powell earn bipartisan support in the Senate when Trump nominated him to chair the Fed in 2017. But the no-frills approach that appealed to Trump in his first term has since become yet another strike against the Fed chair. The president has repeatedly bristled at Powell's unwillingness to engage with his calls to cut rates. And Powell's generally stoic personality has done little to win Trump over. 'I think he's terrible,' Trump said earlier this month. 'It's like talking to a chair. No personality.' Trump has ratcheted up his criticism in recent weeks, openly saying he hopes Powell resigns, accusing him of trying to damage his presidency and insulting him on a near-daily basis as 'stupid,' a 'numbskull' and 'truly one of my worst appointments.' Those attacks have been regularly amplified by Trump aides and close allies, who at some points have spread unfounded rumors that the Fed chair's resignation was imminent. The White House in recent weeks has spent significant time spotlighting the price tag of a renovation project at the Fed, launching investigations into the cost overruns for the $2.5 billion project and suggesting it could be a fireable offense. On Thursday, Trump sought to press the issue by traveling to the Fed to tour the construction, where Powell personally escorted him around. The Fed chair stood by as Trump advocated for rate cuts, at one point laughing awkwardly as the president slapped him on the back and said he'd 'love him to lower interest rates.' 'I just want to see one thing happen,' Trump said later. 'Interest rates have to come down.' Despite the criticism, Trump reiterated that he has no plans to fire Powell — his advisers have warned that doing so would tank the financial markets and spark an economic crisis. But Trump and his aides have instead sought to make Powell's tenure as painful as possible to undermine his credibility and potentially even drive him to quit. Trump allies have homed in on the Fed's pricey renovation, viewing it as a particularly potent weapon. (Trump has pushed his own renovations at the White House, albeit on a much smaller scale.) Still, his allies argue that they can use the Fed project to increase public pressure on Powell by contrasting the hefty spending on the Fed headquarters with everyday Americans' struggles to afford homes — something they point out could be alleviated if the central banker would cut interest rates. 'Every day that Jerome Powell is in Washington is a gift to the president,' said one Trump adviser, who likened the pressure campaign to boiling a frog. 'Either Jerome Powell leaps or he boils.' A Federal Reserve spokesman declined to comment for this article, pointing instead to Powell's prior public pledges to serve the entirety of his term. Yet for all the furor coming from the White House, Powell has indicated to associates that he's keeping his head down. Publicly, he's remained solely focused on carrying out the Fed's work setting monetary policy without consideration of the political reverberations. That approach appeared to pay off at least temporarily on Thursday, with Trump backing off his harshest rhetoric following a conversation with Powell during the Fed construction tour that he described as a 'very productive talk.' 'There's always Monday morning quarterbacks, I don't want to be that,' Trump said afterward, declining to criticize the renovations that he and his aides had previously described as a scandal. 'It got out of control, and that happens.' The détente may not hold much longer, with the Fed widely expected to hold rates steady next week and delay any shift in policy until the fall. That decision is likely to infuriate Trump, who has fixated on cutting rates as a way to further juice the economy ahead of next year's midterm elections. But in both private and public, Powell has shrugged off the political implications, emphasizing the need to stick solely to the economic considerations that have long guided the Fed. 'The best defense for the Fed is to get the policy right,' said Bill English, a Yale professor and former director of the Fed's division of monetary affairs. 'I feel sorry for the guy, but the best he can do at this point is hang tough and do the best job he can on monetary policy.' Outside of Trump's orbit, Powell's resolve to finish his term has won praise from Democrats — including many who had previously criticized him during the Biden era when the Fed kept raising rates to try to combat a surge of inflation. At the time, Powell's insistence on keeping rates higher for longer in pursuit of a so-called economic soft landing prompted consternation among some in the Biden White House and the broader Democratic Party who worried the approach would tip the country into a recession. But former officials have since rallied around him, anxious over the potential fallout should Powell decide to leave. 'He's putting the integrity of the institution above himself,' said Jared Bernstein, who chaired the Biden-era Council of Economic Advisers. 'If I were a 72-year-old guy who's getting verbally abused by the president on a daily basis, retirement would look pretty good. But I really believe that Powell is engaged in protecting the institution.' As for Republicans, some lawmakers wary of damaging the Fed's credibility have encouraged the White House to back off its criticisms, arguing that it'll benefit Trump more when Powell does begin lowering interest rates if it doesn't come amid a cloud of political pressure. Yet until that message breaks through, they're putting their faith in Powell — and hoping he stays true to his word. 'The vast majority of the members of the Senate are smart enough to have been in contact with the markets, they've observed the markets, they know what an impact it would be on the markets should there be any inkling that the Fed was being coerced,' said Rounds, the Republican senator. '[Powell's] in the right position. He's got a very tough position, but I respect him for the position he's taken.'
CNN
7 days ago
- Business
- CNN
Powell privately adamant that he will serve out his full term at the Fed
Federal Reserve Chair Jerome Powell has told multiple associates and allies that there's no chance he will bow to President Donald Trump's calls for him to resign, vowing to withstand several more months of the president's unprecedented, multi-pronged assault over Powell's refusal to lower interest rates. The top central banker has privately argued that he must stay put for more than just personal reasons — the fate of his chairmanship is now linked with that of the Fed's overall independence, according to people familiar with the discussions. He has said that stepping down now would undermine the institution's longstanding freedom from political interference. 'He feels very strongly that his responsibility is to maintain that independence,' said GOP Sen. Mike Rounds of South Dakota, who is among those who have personally questioned Powell over whether he might quit. 'I've asked him, and he says no, that would reduce the independence of the Federal Reserve.' Powell's determination to serve out his term through May 2026 ensures he will remain the target of a White House-led attacks on the Fed, which has faced intensifying pressure to cut interest rates. That coordinated effort has put the central bank's traditionally staid decision-making under intense scrutiny — and raised fresh concerns about the potential economic consequences of meddling with monetary policy for political purposes. A low-key economic expert who did a stint in the George H.W. Bush administration, Powell has earned a reputation over more than a decade at the Fed as studiously non-partisan 'straight shooter' who relies on reams of data to make decisions, according to people who worked with him. His detachment from day-to-day politics, despite what one of the people described as his moderately conservative learnings, helped Powell earn bipartisan support in the Senate when Trump nominated him to chair the Fed in 2017. But the no-frills approach that appealed to Trump in his first term has since become yet another strike against the Fed chair. The president has repeatedly bristled at Powell's unwillingness to engage with his calls to cut rates. And Powell's generally stoic personality has done little to win Trump over. 'I think he's terrible,' Trump said earlier this month. 'It's like talking to a chair. No personality.' Trump has ratcheted up his criticism in recent weeks, openly saying he hopes Powell resigns, accusing him of trying to damage his presidency and insulting him on a near-daily basis as 'stupid,' a 'numbskull' and 'truly one of my worst appointments.' Those attacks have been regularly amplified by Trump aides and close allies, who at some points have spread unfounded rumors that the Fed chair's resignation was imminent. The White House in recent weeks has spent significant time spotlighting the price tag of a renovation project at the Fed, launching investigations into the cost overruns for the $2.5 billion project and suggesting it could be a fireable offense. On Thursday, Trump sought to press the issue by traveling to the Fed to tour the construction, where Powell personally escorted him around. The Fed chair stood by as Trump advocated for rate cuts, at one point laughing awkwardly as the president slapped him on the back and said he'd 'love him to lower interest rates.' 'I just want to see one thing happen,' Trump said later. 'Interest rates have to come down.' Despite the criticism, Trump reiterated that he has no plans to fire Powell — his advisers have warned that doing so would tank the financial markets and spark an economic crisis. But Trump and his aides have instead sought to make Powell's tenure as painful as possible to undermine his credibility and potentially even drive him to quit. Trump allies have homed in on the Fed's pricey renovation, viewing it as a particularly potent weapon. (Trump has pushed his own renovations at the White House, albeit on a much smaller scale.) Still, his allies argue that they can use the Fed project to increase public pressure on Powell by contrasting the hefty spending on the Fed headquarters with everyday Americans' struggles to afford homes — something they point out could be alleviated if the central banker would cut interest rates. 'Every day that Jerome Powell is in Washington is a gift to the president,' said one Trump adviser, who likened the pressure campaign to boiling a frog. 'Either Jerome Powell leaps or he boils.' A Federal Reserve spokesman declined to comment for this article, pointing instead to Powell's prior public pledges to serve the entirety of his term. Yet for all the furor coming from the White House, Powell has indicated to associates that he's keeping his head down. Publicly, he's remained solely focused on carrying out the Fed's work setting monetary policy without consideration of the political reverberations. That approach appeared to pay off at least temporarily on Thursday, with Trump backing off his harshest rhetoric following a conversation with Powell during the Fed construction tour that he described as a 'very productive talk.' 'There's always Monday morning quarterbacks, I don't want to be that,' Trump said afterward, declining to criticize the renovations that he and his aides had previously described as a scandal. 'It got out of control, and that happens.' The détente may not hold much longer, with the Fed widely expected to hold rates steady next week and delay any shift in policy until the fall. That decision is likely to infuriate Trump, who has fixated on cutting rates as a way to further juice the economy ahead of next year's midterm elections. But in both private and public, Powell has shrugged off the political implications, emphasizing the need to stick solely to the economic considerations that have long guided the Fed. 'The best defense for the Fed is to get the policy right,' said Bill English, a Yale professor and former director of the Fed's division of monetary affairs. 'I feel sorry for the guy, but the best he can do at this point is hang tough and do the best job he can on monetary policy.' Outside of Trump's orbit, Powell's resolve to finish his term has won praise from Democrats — including many who had previously criticized him during the Biden era when the Fed kept raising rates to try to combat a surge of inflation. At the time, Powell's insistence on keeping rates higher for longer in pursuit of a so-called economic soft landing prompted consternation among some in the Biden White House and the broader Democratic Party who worried the approach would tip the country into a recession. But former officials have since rallied around him, anxious over the potential fallout should Powell decide to leave. 'He's putting the integrity of the institution above himself,' said Jared Bernstein, who chaired the Biden-era Council of Economic Advisers. 'If I were a 72-year-old guy who's getting verbally abused by the president on a daily basis, retirement would look pretty good. But I really believe that Powell is engaged in protecting the institution.' As for Republicans, some lawmakers wary of damaging the Fed's credibility have encouraged the White House to back off its criticisms, arguing that it'll benefit Trump more when Powell does begin lowering interest rates if it doesn't come amid a cloud of political pressure. Yet until that message breaks through, they're putting their faith in Powell — and hoping he stays true to his word. 'The vast majority of the members of the Senate are smart enough to have been in contact with the markets, they've observed the markets, they know what an impact it would be on the markets should there be any inkling that the Fed was being coerced,' said Rounds, the Republican senator. '[Powell's] in the right position. He's got a very tough position, but I respect him for the position he's taken.'
CNBC
16-05-2025
- Business
- CNBC
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."
