US, Saudi deals expected on defense, nuclear energy, AI - senior US administration official

The United States has authorized the export of advanced semiconductors to companies in Saudi Arabia and the UAE. This decision reflects a strengthening of economic ties between the US and these Gulf nations, particularly in the technology sector. The move is expected to enhance the technological capabilities of the recipient companies and foster collaboration in various industries.

Oil prices experienced their largest decline in a week as U.S. fuel inventories increased. Investors are closely watching the potential impact of upcoming sanctions on two major Russian oil producers, which are set to take effect on Friday.

Crown Prince Mohammed bin Salman of Saudi Arabia is currently overseeing a restructuring of the kingdom's wealth fund after nearly a decade of costly investments that have yielded mixed results. This comes as President Trump welcomed him to the White House, highlighting the ongoing partnership between the two leaders.

The United States and Saudi Arabia showcased new business deals at an investment forum, highlighting the strengthening economic ties between the two nations. This event underscores the ongoing collaboration in various sectors, particularly in energy and technology, as both countries seek to enhance their mutual interests.

New York City's transit network, the largest in the US, plans to reduce its operating budget deficits by $418 million over the next three years. This will be achieved through expense cuts and a potential recovery in real estate tax collections.

Elon Musk's xAI has partnered with the Saudi artificial intelligence company Humain to establish a new data center in Saudi Arabia. This initiative is part of Crown Prince Mohammed bin Salman's strategy to diversify the kingdom's economy. The data center will be xAI's largest outside the United States.

The U.S. Agriculture Secretary announced that details regarding payments to farmers will be revealed soon. This announcement comes amid ongoing discussions about financial support for farmers facing economic challenges, particularly due to rising costs and declining prices in the agricultural sector.

TotalEnergies CEO Patrick Pouyanne cautioned European nations against becoming overly dependent on US liquefied natural gas (LNG) as they seek to reduce reliance on Russian supplies. He emphasized the need for Europe to diversify its energy sources to ensure stability and security in the face of ongoing geopolitical tensions.