The fear of duties It seems to have passed given the more conciliatory tone of Trump in recent days, most of the main stock markets has recovered losses in the six weeks since the US president dropped his tariff bomb, as the spotlight returns to Big Tech USA. Investors are now waiting to see whether further trade deals will follow the ones the U.S. has outlined with China and Great BritainTomorrow there is the Istanbul summit on the war in Ukraine, where Zelensky asks to meet with Putin who however refuses.
Big tech is back in the spotlight starting with Nvidia and AMD
Tech stocks are back in the spotlight after U.S. chip companies Nvidia e Advanced Micro Devices announced huge agreements in the field ofartificial intelligence in Middle East, in conjunction with the Trump's visit to Saudi Arabia in the coming days. The surge in stocks Nvidia yesterday pushed the chipmaker's valuation to $3 trillion and CEO Jensen Huang's net worth to $120 billion. The U.S. performance is likely to lift Europe's tech stock index today, which also includes Dutch chipmaker ASML as a prominent component.
Deals are taking shape and reports have emerged of American companies preparing expansion projects in the region, he reports. Bloomberg.
Nvidia, the world's largest semiconductor maker, will supply its most advanced artificial intelligence chips to Human, the Saudi company created to advance the country’s AI infrastructure facilities. Humain will receive “several hundred thousand” of Nvidia’s most advanced processors over the next five years, starting with 18.000 of its cutting-edge Grace Blackwell GB300 products and its InfiniBand networking technology.
AMD, Nvidia’s main competitor in artificial intelligence accelerators, will supply chips and software for data centers “stretching from the Kingdom of Saudi Arabia to the United States” in a $10 billion project, Humain and AMD said.
The Global AI, a U.S. tech company, plans to partner with Human in a deal expected to be worth billions of dollars, according to a source familiar with the matter. Founded by U.S. tech veterans, Global AI plans to build a data center in New York that will run on chips developed by Nvidia, and has plans to open more.
Amazon.com Inc. and Human have said they will invest more than $5 billion to build an “AI zone” in Saudi Arabia. Among other projects, Humain will use technologies from Amazon Web Services’ cloud unit to develop a marketplace for AI agents to serve the Saudi government. AWS announced last year it was opening a data center cluster in Saudi Arabia as part of a $5,3 billion investment in the country.
The cisco systems inc. , the world’s largest supplier of networking equipment, is partnering with Humain. The company said it will combine its “global expertise with the Kingdom’s ambitious AI ambitions” to build infrastructure. It also extended a partnership with Abu Dhabi-based AI firm G42.
The Saudi venture capital firm STV has launched a $100 million artificial intelligence fund with backing from Alphabet Inc.'s Google. The investments will focus on early-stage startups in the Middle East and North Africa and support infrastructure development, according to a statement. The amount of capital Google is investing was not disclosed.
The Trump administration is considering a deal that would allow the United Arab Emirates to import more than 500.000 million advanced Nvidia chips, according to people familiar with the matter, far exceeding limits under Biden-era artificial intelligence chip regulations and raising concerns about American hardware ending up in China’s hands. The deal, still under negotiation, would allow the UAE to import 2027 of the most advanced chips each year through XNUMX.
OpenAI is considering building new data centers in the United Arab Emirates, which could significantly expand its presence in the Middle East. The deal, which is not yet final and could be subject to change, could be announced in time for Trump's visit to the UAE on Thursday. OpenAI's CEO, Sam altman, is in the region as part of a larger tour of technology leaders.
The Trump administration plans to revise export rules for semiconductors used in artificial intelligence, abandoning former President Joe Biden's approach. The U.S. Commerce Department has rescinded the so-called AI Diffusion Rule, a measure that was supposed to take effect tomorrow.
Wall Street benefits from a moderate CPI. Nvidia (+5,6%) and UnitedHealth (-18%) stand out
The S&P 500 and Nasdaq closed higher for the second straight day yesterday, after weaker-than-expected inflation data added to investor optimism that began on Monday, when the United States and China announced a trade truce: the S & P 500 closed up 0,72%, the Nasdaq up 1,61% with Nvidia which closed with a gain of 5,6%. Dow Jones However, it closed down at -0,64% due to the 17,8% drop in shares of United health after the insurance giant suspended its annual forecast and its CEO resigned.
The S&P 500 Index returned to positive territory relative to its start of the year for the first time since late February, after data showed that consumer prices in the United States posted a modest rebound in April, with headline inflation rising 0,2% last month, while economists had expected a 0,3% increase due to tariffs. The consumer price index rose 2,3% in the 12 months to April, after rising 2,4% in the 12 months to March. Shares of the cryptocurrency operator Global Coinbase jumped nearly 24% after announcing its membership in the S&P 500 index on May 19.
Following the tariff truce between the US and China, several brokerage firms have lowered the odds of a recession in the United States. Traders are now betting that the Federal Reserve U.S. could delay a rate cut until September, but still expects two 25-basis-point cuts by the end of the year. The next signal for U.S. economic health is April retail sales, due tomorrow.
Asia, China positive dragged by tech Alibaba and Tencent
Even in Asia Pacific, as yesterday on Wall Street, they are the tech leading the stock market rally. The Hang Seng Index Hong Kong gains 1,5%. CSI 300 Index of stocks Shanghai and Shenzhen +0,3%. Taiex of Taipei + 1,6%. Alibaba and Tencent, the two leading names in Chinese high-tech, are up 1,5% and 2% respectively on the eve of their quarterly data release. Meanwhile JD.com rose 3,5% after posting its strongest quarterly profit growth in three years. Taiwan Semiconductor Manufacturing is up 2% in Taipei.
China's tech sector has not suffered much on the stock market, as it is considered immune to tariffs, given that mainland China accounts for 90% of Tencent's revenue.
Goldman Sachs and other major investment banks have raised their 2025 forecasts for China, citing in their reports a better outlook for exports following the tariff truce with the United States. JPMorgan, ING have raised their GDP forecasts to 4,6% or higher, from 4% previously. On the other hand, Beijing may also avoid carrying out its planned fiscal stimulus.
Tokyo Stock Exchange falls with index Nikkei at -0,7% and the yen strengthens. Sony, the Japanese tech group, posted a record profit in the fiscal year just ended, driven by the good performance of the music division and the video game sector. The stock gains 3%. However, caution is being exercised in the immediate future, warning Sony, which expects a reduction of at least 100 billion yen in operating profit due to the trade tensions raised by the Trump administration.
European stock markets seen opening around parity. At Piazza Affari, watch out for Tim
European stock markets should open around parity, the EuroStoxx 50 future is at -0,1%.
Germany. German inflation fell further to 2,2 percent in April, the Federal Statistical Office said on Monday, confirming preliminary data. German consumer prices, adjusted for comparison with other European Union countries, rose 2,3 percent year-on-year in March.
Eni has started production from the Merakes East field offshore Indonesia.
Inwit. In the first quarter it recorded an increase in revenues and net profit, and confirmed expectations of full-year revenue growth in the range of 1,07-1,09 billion euros, with Ebitda and EbitdaAL margins above 91% and 73% respectively. In an interview with The messenger CEO Diego Galli says the company is focused on its core business but is also looking at growth opportunities in adjacent sectors, citing the possibility of extending the business model from towers to active equipment.
Stellantis. It will update its plan to relaunch vehicle production in Italy next month, Europe chief Jean-Philippe Imparato said.
Prysmian. Green light from the Board of Directors for a perpetual subordinated hybrid issue of up to 1 billion euros, the proceeds of which will be used to acquire Channell Commercial Corporation.
TIM. It is considering integrating its corporate purpose to include the offer of insurance services, digital payments and energy, which in the future will have an increasing role in the company's business. This is according to two sources close to the situation, explaining that the matter will be examined by the board of directors set for May 23.
Unicredit. BPM Bank. A first procedural meeting between UniCredit and government officials responsible for the 'golden power' will be held tomorrow, May 15, sources told Reuters.
Media for Europe. Second The print e The newspaper, the company is considering raising its offer for ProSieben. It is not changing its industrial project on ProSieben and confirms its desire to strengthen its position as the largest shareholder, a source close to the company reported, following the offer launched by the Czech group Ppf on 29,9% of the German broadcaster.
Geox closed the first quarter with a decrease in revenues compared to the same period of the previous year, in line with the forecasts of the industrial plan, and a significant improvement in the Ebit margin. Confirms the forecasts for 2025, although "with due caution" for the international panorama.
JuventusJeep will pay 69 million euros to become the football club's shirt sponsor until June 2028.
From Longhi. Mediobanca raises to Neutral
