Russia Could 'Exploit' US, Saudi F-35 Deal, Says Riggleman

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.

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.

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.

Saudi Arabia's Investment Minister Khalid Al-Falih stated that it is natural for the Kingdom to invest in the United States as part of its efforts to modernize and diversify its economy. He emphasized the appeal for U.S. companies to invest in Saudi Arabia. During a recent visit to Washington, Crown Prince Mohammed bin Salman pledged to invest up to $1 trillion in the U.S.

The sale of F-35 fighter jets to Saudi Arabia marks a significant achievement for the kingdom, which aims to enhance its global influence and military capabilities. This deal, approved by former President Donald Trump, aligns with Saudi Arabia's strategic interests in bolstering its defense capabilities amid regional tensions.

Oil futures settled lower as U.S. efforts to restart peace talks between Russia and Ukraine were seen taking some risk premium out of the market. However, losses were limited by the EIA’s report of an unexpected U.S. crude stock draw.

Saudi Arabia and the United States have established a strategic partnership focused on artificial intelligence (AI). This collaboration aims to enhance technological capabilities and foster economic ties between the two nations, reflecting a growing interest in AI development and investment.

Elon Musk announced that his xAI artificial intelligence startup plans to develop a 500 megawatt data center in Saudi Arabia in collaboration with Humain, the kingdom’s state-backed AI venture. The announcement was made during a US-Saudi investment forum in Washington, where Musk was joined by Nvidia CEO Jensen Huang, indicating a significant partnership in the AI sector.