Speaker 1: Bloomberg Audio Studios, podcasts, radio news from the heart of
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Speaker 1: This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.
Speaker 2: Live from New York and San Francisco.
Speaker 3: This is Bloomberg Technology coming up. All eyes on Saudi
Speaker 3: Arabia today as tech CEOs meet with President Trump and
Speaker 3: Saudi Arabia's crown prints, plus.
Speaker 4: The Trump administration preparing to announce a deal that would
Speaker 4: grant Saudi Arabia more access to advanced semiconductors.
Speaker 3: And Apple planning to improve iPhone battery life with AI
Speaker 3: details later this hour, But first we.
Speaker 2: Check in on these markets.
Speaker 3: I bring you year to date. We re enter a
Speaker 3: ball market on the NASA one hundred, and now we
Speaker 3: push higher on the Nazak one hundred to seventy tens
Speaker 3: percent for year to date, just to show you the
Speaker 3: whirlwind of movements we've had throughout the tariff concerns. We
Speaker 3: now break back even when it comes to the Magnificent
Speaker 3: seven and leading the charge higher.
Speaker 5: Ed.
Speaker 3: A lot of that to do with geopolitics today, but
Speaker 3: over in the Middle East, rather than what's happening with
Speaker 3: the US and China.
Speaker 4: Yeah, the single most important tech name. We're focused on Nvidia.
Speaker 4: The stock has really surged in the last thirty minutes
Speaker 4: or so. A deal with Saudi Arabia's Humane eighteen thousand
Speaker 4: Blackwell GPO used in the first phase going into a
Speaker 4: five hundred megawatt data center, small in hyperscale terms, but
Speaker 4: significant because of access to cutting edge technology for that nation.
Speaker 4: AMD also has its own ad hoc agreement going on
Speaker 4: with the state. This is important, and it's the money
Speaker 4: that's driving tech right now coming out of Saudi Arabia.
Speaker 4: But you're absolutely right, there's the politics behind it as well.
Speaker 3: There is, And let's get the context. Bloomberg's Jamana Bissecchi
Speaker 3: is joining us now live from Saudi Arabia. We've just
Speaker 3: heard from Elo Musk on stage, of course, anticipating the
Speaker 3: US President to be there with the Crown Prince. Just
Speaker 3: give us the context of what is happening right now.
Speaker 6: Yeah, well, obviously Elon Musk must have known that Bloomberg
Speaker 6: technology was coming up. The timing was perfect. But yes,
Speaker 6: there have been so many discussions taking place around partnerships
Speaker 6: on everything from defense. One of the largest deals ever
Speaker 6: announced in History SAIDI Arabia pledging to go up to
Speaker 6: one hundred and forty two billion dollars worth of arms
Speaker 6: and weaponry from the US. A dozen defense companies involved
Speaker 6: in that. The headline figure six hundred billion dollars worth
Speaker 6: of Saudi investment committed to be invested in the US
Speaker 6: over the coming years. Not a lot of detail yet,
Speaker 6: and that is a number that we've heard before. But
Speaker 6: then at the technology side, some massive announcements coming through
Speaker 6: just in the last hour, and of note is the
Speaker 6: one that Ed was just talking about with Human So
Speaker 6: this was the AI investment vehicle that the Crown Prince
Speaker 6: announced was being launched yesterday in anticipation of today, So
Speaker 6: this is a new venture was only announced ahead of
Speaker 6: President Trump's visit today. They are saying that with this
Speaker 6: venture they will be building AI factories across the Kingdom
Speaker 6: of Saudi Arabia and using up to eighteen thousand Nvidia
Speaker 6: at GB three hundred Grace Blackwell chips. So those are
Speaker 6: those chips, of course, that Sadi Arabia had been angling
Speaker 6: to get access to. And by the way, earlier in
Speaker 6: the day, I should have mentioned that Jason Huang was
Speaker 6: walking around here, so we sort of got a glimpse
Speaker 6: of a big announcement that was to come. But this
Speaker 6: ties back to another announcement that came in the run
Speaker 6: up to this trip, which was that the Trump administration
Speaker 6: are rescinding those Biden instituted diffusion rules that were set
Speaker 6: to come in place. And earlier on we heard from
Speaker 6: David Sachs, who was the crypto AISAR, and he was
Speaker 6: saying that those diffusion rules were too bureaucratic and there
Speaker 6: are smarter ways to ensure that these chips don't get
Speaker 6: into the wrong hands, which is why they're rescinding that.
Speaker 6: And of course coming up with these bilateral agreements, this
Speaker 6: big one today with Nvidia and.
Speaker 4: Humane, there are still some confirmations to come, right, So
Speaker 4: Bloomberg reported, citing sources, that the Trump administration would do
Speaker 4: a deal with Saudi Arabia to give the nation access
Speaker 4: to leading edge or cutting edge chips. Then Nvidia told
Speaker 4: us that they were already doing it eighteen thousand GPUs.
Speaker 4: We will hear from President Trump and Crown Prince Mohammed
Speaker 4: bin Salman later in Riad set the scene for us
Speaker 4: of what's to come and what kind of further details
Speaker 4: we're looking out for Jamana.
Speaker 6: Yeah. Absolutely, so they should be making their way here
Speaker 6: any second. Now. Everything is running slightly delayed, but they
Speaker 6: should be here in the next ten to fifteen minutes
Speaker 6: walking on the stage behind me. And actually, if you
Speaker 6: just take a look, I don't know if you can see,
Speaker 6: but there are are a bunch of individuals. If you
Speaker 6: zoom in, you'll see that it is many American CEOs
Speaker 6: alongside Saudi officials, industry leaders from Saudi Arabia standing together
Speaker 6: for this group photo. Because so many of these deals
Speaker 6: have been signed, and just to give you to run
Speaker 6: through some of the other deals that also came out today, Aramco,
Speaker 6: for example, the state oil company, saying that they're looking
Speaker 6: to spend three point four billion dollars to expand their
Speaker 6: refineries in the US. There's a health solutions firm that
Speaker 6: has also said that they are coming together with US
Speaker 6: to partner on five point eight billion dollars building a
Speaker 6: plant in the United States as well. Another big announcement
Speaker 6: on the airlines front, an airline leasing company called Abby
Speaker 6: Lease in Saudi Arabia have also committed to buying four
Speaker 6: point eight billion dollars worth of Boeing seven three seven
Speaker 6: eight jets, So that's also been a big focus for
Speaker 6: President Trump in the region. We know that in Doha
Speaker 6: as well. In coming days there could be a big
Speaker 6: order coming on the Boeing fronts. And then, of course
Speaker 6: we spoke about this big defense deal one hundred and
Speaker 6: forty two billion dollars a worth of defense agreements secured
Speaker 6: between the US and Saudi Arabia. From a geopolitical perspective
Speaker 6: as well, that is key for Saudi Arabia. They have
Speaker 6: been pushing to get this defense agreement across the line.
Speaker 6: It seems like they are finally there. And then we
Speaker 6: haven't even talked about some of the smaller, perhaps but
Speaker 6: also important at geopolitical breakthroughs in the run up to
Speaker 6: these next few days. So far, lots of announcements and
Speaker 6: we're going to hear more from the presidents.
Speaker 4: And the Crown Prince Sorly Bloomberger's Jumana Bdecci, Thank you
Speaker 4: very much. Now let's stick with that top story. The
Speaker 4: Trump administration was preparing to announce a deal that would
Speaker 4: grant Saudi Arabia more access to advanced chips, allowing the
Speaker 4: country to increase its data center capacity. That was all
Speaker 4: according to sources, Bloomberg's Mike Shephard joins us, Now it
Speaker 4: is difficult to unpack because literally the deal between Nvidia
Speaker 4: and Humane, as an example, is for blackwell their current
Speaker 4: generation of accelerator. Mike and my understanding that that will
Speaker 4: go into server designs in a five megawatts data center,
Speaker 4: which isn't huge frankly, in the scheme of hyperscale data centers.
Speaker 4: What do we know about where this kind of BILA
Speaker 4: stands between the two nations.
Speaker 5: Well, we're still waiting to see the formal announcement of
Speaker 5: this agreement, but we are expecting it during the President's
Speaker 5: visit to the kingdom, and the idea would be to
Speaker 5: grant Saudi Arabia much more access with fewer fetters and
Speaker 5: obstacles in the way to gaining access to those kinds
Speaker 5: of chips that you just talked about from Nvidia and
Speaker 5: from am D that are needed to power the kingdom's
Speaker 5: AI ambitions. That five hundred megawatt data center that you
Speaker 5: just alluded to is just the start. Really, and as
Speaker 5: Jamana outlined in her opener there, the Biden Trump administration
Speaker 5: is moving away from Biden era of rules that set
Speaker 5: these three broad categories of access governing countries' ability to
Speaker 5: buy these sophisticated AI chips. The Trump administration instead is
Speaker 5: trying to set up these bilateral accords with individual countries
Speaker 5: based on needs and based on the relationship. Now the concern,
Speaker 5: of course, is how do you keep China from exploiting
Speaker 5: those relationships and somehow gaining access, And that is going
Speaker 5: to be one of the tricks in all of these
Speaker 5: individual deals. The US will be insisting on some security
Speaker 5: provisions with Saudi Arabia, and there are also similar discussions
Speaker 5: about to take place with the United Arab Emirates on
Speaker 5: a deal that may also grant them access to that
Speaker 5: also has been in the work. These golf nations, like
Speaker 5: so many others, are seeking access to these chips, and
Speaker 5: they're imploring the Trump administration to take some steps to
Speaker 5: make it easier.
Speaker 3: This is a broad trip to the Middle East. We'll
Speaker 3: get onto the UA in a moment. But some breaking
Speaker 3: news that President Trump is indeed set to meet the
Speaker 3: Syrian president in Saudi Arabia. This is acording to a
Speaker 3: US official, and Trump himself had said the US may
Speaker 3: relieve sanctions on Syria to give the country quote a
Speaker 3: fresh start that being reported in previous days. My so
Speaker 3: this is a broad geopolitical conversation. We have go back
Speaker 3: to really what we focus on in tech. The fact
Speaker 3: that these deals is access might be granted, and not
Speaker 3: just for Saudi Arabia, potentially for the UAE and all
Speaker 3: of this while we are still trying to see a
Speaker 3: restriction on China's access either YA Cloud or indeed by
Speaker 3: redistribution by those countries.
Speaker 5: Well, that's right, Carol, and other nations could look to
Speaker 5: what happens during this trip. This is Donald Trump's first
Speaker 5: trip abroad since winning re election and taking office, and
Speaker 5: other nations will be looking to how the UAE and
Speaker 5: Saudi government arrange a new understanding with the Trump administration
Speaker 5: when it comes to access to advanced technology. This could
Speaker 5: be a template for how other countries, whether it be
Speaker 5: in Asia or in Europe, somehow reach an understanding with
Speaker 5: Trump on gaining access to Nvidia technology. Every country out
Speaker 5: there wants more of it, They want to expand their
Speaker 5: AIK abilities, and right now in Nvidia and AMD are
Speaker 5: the biggest names and really the only game in town.
Speaker 4: I want to go back to the politics of this mic.
Speaker 4: It shows us in our reporting that the Trump administration
Speaker 4: is more willing than the Biden administration were to allow
Speaker 4: the movement of US technology to the Gulf region.
Speaker 5: That's absolutely right ed, and we've heard this signal from
Speaker 5: the President on down. His AI advisor David Sachs has
Speaker 5: really reflected that quite publicly on Accident and others public
Speaker 5: statements recently where he has said, look, this AI diffusion
Speaker 5: rule from the Biden team, maybe it was well spirited
Speaker 5: and trying to keep China from gaining access to US technology,
Speaker 5: but it was inflexible, it was hard to work with,
Speaker 5: and it impeded our ability to export American technology abroad.
Speaker 5: And he really wanted to make sure that America first
Speaker 5: didn't just stay within these borders, in his view, and
Speaker 5: the way that they see this is by sharing this
Speaker 5: technology with U U allies that are seen as trusted.
Speaker 3: We do have live pictures right now, Mike of the
Speaker 3: President of the United States, President Donald Trump, arriving at
Speaker 3: the event with the Crown Prince of course, Prince Mohammed
Speaker 3: Vin Salman MBS as he has known more largely. This is,
Speaker 3: of course, as they're going to take the stage themselves.
Speaker 3: All of this is that the Saudi US Investment Forum
Speaker 3: currently upon US in Riad, where we are seeing deals
Speaker 3: be unfolded, where we're seeing plenty of US executives take
Speaker 3: to the stage and we are about to hear from
Speaker 3: the President and the Crown prints themselves. But Mike, as
Speaker 3: we see these live pictures of the arrival of the
Speaker 3: dignitaries at this moment, what else are we preparing ourselves
Speaker 3: for in terms of the breadth, whether it be in technology,
Speaker 3: whether it be in defense. This seems to be the
Speaker 3: key area that President Trump wants to see billions be
Speaker 3: exchanged for.
Speaker 2: Well, that's right.
Speaker 5: This trip is about deals, deals, deals. While geopolitics play
Speaker 5: a role in this conversation that the President is going
Speaker 5: to be having in the three nation trip he is
Speaker 5: taking Saudi Arabia, then the UAE, and then Cutter, it
Speaker 5: really is about bringing investment to the US. This has
Speaker 5: been his mission since taking office. We saw on his
Speaker 5: first full day in office that big soft Stargate deal
Speaker 5: announced with SoftBank and others, and he really wants to
Speaker 5: be able to tout and point to this as his
Speaker 5: economic accomplishment through tariffs that would pressure companies and other
Speaker 5: countries to send more business to the US to get
Speaker 5: manufacturing here, but also to ensure that there is an
Speaker 5: American stamp on all of this technology that we are seeing.
Speaker 3: Caro Michael Shepherd standing by for us. We appreciate it
Speaker 3: will come back to you in a moment.
Speaker 2: But as we.
Speaker 3: See the President of the United States gather with the
Speaker 3: Crown Prince over in read, we're going to set you
Speaker 3: to the market reaction right now because Fionda sin Culture
Speaker 3: is standing by scene arounalyst. The City Index financial markets
Speaker 3: look today, we do have a risk on attitude. We
Speaker 3: are seeing the NASA cup more than one percent let's
Speaker 3: call it one and a half percent at the moment,
Speaker 3: deals unfolded, but also the China US calming in terms
Speaker 3: of the ratcheting up of tariffs. What do you think
Speaker 3: about buying into these names right now?
Speaker 7: Yes, we're definitely getting a sense that the mood music
Speaker 7: has changed quite considerably as we started this week and
Speaker 7: as we continue into Tuesday. So obviously we had that
Speaker 7: strong rally in the NAVSDAK one handri Esa up around
Speaker 7: four point three percent.
Speaker 2: Seeing those games extended today.
Speaker 7: Up around one point four percent, So the mood is
Speaker 7: definitely upbeat as far as these stocks are concerned.
Speaker 2: And it does.
Speaker 7: Feel that, it does feel that the sentiment is changing
Speaker 7: and that the outlook is more positive. You know, we're
Speaker 7: past that worst case scenario. We seem to be looking
Speaker 7: at a more positive.
Speaker 2: Upbeat outlook.
Speaker 7: I would like to say that I don't think we're
Speaker 7: quite out of the woods yet. I think there are
Speaker 7: still potential for some tarift tar of issues which haven't
Speaker 7: been resolved, particularly around sort of electronics and semiconductors that
Speaker 7: we had heard.
Speaker 2: The White House say that they were sort of putting back.
Speaker 7: So we still need to get a little bit more
Speaker 7: clarification about that. But as far as the de escalation
Speaker 7: of the trade will with China is concerned, as far
Speaker 7: as this push for deals in Saudi Arabia is concerned
Speaker 7: in UA, that's.
Speaker 4: Really important, Fiona, the President's standing next to MBS, but
Speaker 4: also Saudi Arabia's investment Minister Khalid Alfhali and also the
Speaker 4: head of the Public Investment Fund. If these tech deals
Speaker 4: are substantive between the United States and Saudi Arabia, how
Speaker 4: do you do that as an investor? Do you invest
Speaker 4: in the US proxy that's set to benefit or is
Speaker 4: Saudi accessible to your clients?
Speaker 5: No?
Speaker 2: So it would be through the US proxy.
Speaker 7: That's where we'd be focusing attention, and I think that's
Speaker 7: where the most popular sort of trades would.
Speaker 2: Be looking as well.
Speaker 7: That's what's most easily accessible and potential.
Speaker 2: The I would like.
Speaker 7: To see less risk adverse, but I mean, that's what
Speaker 7: we just need to focus on at the moment, is
Speaker 7: where is the access to this?
Speaker 2: And yeah, through the US proxies.
Speaker 7: I mean, obviously, chip stocks are the area that we've
Speaker 7: been looking at, very focused at recently.
Speaker 2: Those are the areas that are continuing to push higher.
Speaker 4: Today video is up more than five percent. How big
Speaker 4: a deal is this for them to get access to
Speaker 4: the Saudi market.
Speaker 7: I think this is a big deal, not just because
Speaker 7: the numbers that have been announced today potentially they're not
Speaker 7: really as huge, but it's just what this means for
Speaker 7: the future. We know that Saudi Arabia is very focused
Speaker 7: on looking towards AI, looking towards technological future, and so
Speaker 7: this could be the start of something that really is
Speaker 7: much bigger than what it appears to be today. Today
Speaker 7: is definitely a move in the right direction. It's upbeat news,
Speaker 7: it's encouraging and we can see that from the reaction
Speaker 7: in the share price. But I think actually what this
Speaker 7: means for the future and going forward is almost just
Speaker 7: as important.
Speaker 3: And what's been sowing the willingness to buy back into
Speaker 3: generative AI trade or to these AI infrastructure players in particular,
Speaker 3: was the lack of clarity, a lack of clarity as
Speaker 3: to what the AI diffusion rule would be implemented. We
Speaker 3: know that that's now not going to be the fact
Speaker 3: that now it becomes a tip for tap, that it
Speaker 3: becomes embroiled within the overall tariff conversations on a country
Speaker 3: by country basis. Fiona, is that a positive? Does that
Speaker 3: even mean that maybe we'll have Jensen one having access
Speaker 3: still to China in some way.
Speaker 2: Potentially? I mean, I think what you say is true.
Speaker 7: There has been more clarity than what there was, but
Speaker 7: I don't think everything is as clear as it could be.
Speaker 2: For investors still.
Speaker 7: I do think there is still a level of uncertainty,
Speaker 7: but that has been broadly wiped away. I mean, if
Speaker 7: we think about what that means, what investors are looking for.
Speaker 2: Is some sort of form of clarity, and because we.
Speaker 7: Are moving slowly and steadily towards a sort of more
Speaker 7: clearer understanding, of what Trump is looking for, what Trump's
Speaker 7: aiming for.
Speaker 2: Then that obviously does help the investors take their decisions.
Speaker 3: Does it then become all about the twenty twenty four
Speaker 3: trade in video AMD once again the infrastructure play? Do
Speaker 3: we broaden in out because at the moment, Apple of
Speaker 3: course has been in the line of fire when it
Speaker 3: comes to tariff concerns. How much broader do we go
Speaker 3: in the buying of tech?
Speaker 2: Yeah?
Speaker 7: I think you know, as you pointed out, we had
Speaker 7: seen a very very strong rally. We've seen that AI
Speaker 7: trade had been obviously very key across twenty twenty four
Speaker 7: and hadn't been in play at all in twenty twenty five,
Speaker 7: And I think this potentially does mean that we are
Speaker 7: seeing a revival of that trade, but there is also
Speaker 7: the potential here for it to be broadened out.
Speaker 2: I mean, as you pointed out.
Speaker 7: Apple has benefited greatly from more clarity regarding the US
Speaker 7: and China and a de escalation there.
Speaker 2: Other tech firms as well also can benefit.
Speaker 7: They've given that their manufacturing bases are so strongly implemented
Speaker 7: in China. So there is a potential for that AI
Speaker 7: trade now, and that's what we were looking for. As
Speaker 7: we started into twenty twenty five before we sort of
Speaker 7: saw all this tariff chaos hit tech socks. So I
Speaker 7: think there is that potential that as we get more clarity.
Speaker 2: Regarding the outlook for tariffs, what.
Speaker 7: This means that we could actually find that that broadening
Speaker 7: out of the AI trade does still take place in
Speaker 7: the latter parts of twenty twenty five.
Speaker 4: Okay, if you honest thing called a Seni analyst, that
Speaker 4: city index financial markets, we are sticking with the images
Speaker 4: on your screen. US President Donald Trump alongside Saudi Arabia's
Speaker 4: crown prints. They've arrived at the Saudi US Investment Forum.
Speaker 4: They're touring the various booths. There are a number of
Speaker 4: technology CEOs in attendance, including Nvidia CEO Jensen Huang. Elon
Speaker 4: Musk has been in stage talking about Starlink's authorization in
Speaker 4: the nation six hundred billion dollars of investment security as
Speaker 4: the headline figure. There are some deals within that. Mike
Speaker 4: Shephard is the editor that leads the intersection of our
Speaker 4: coverage between tech and politics. Mike, the politics part of
Speaker 4: it is whether explicitly we see a blanket deal between
Speaker 4: the US and Saudi Arabia the lead edge semiconductors.
Speaker 5: Well, that is what we're looking for, whether it is
Speaker 5: a blanket deal for one purchase en Mass or really
Speaker 5: in agreement to allow the Saudis to have more access
Speaker 5: to chips on a need basis. And we have the
Speaker 5: new venture from the Saudis called Humane. It was just
Speaker 5: unveiled on Monday. As Jumana highlighted at the top of
Speaker 5: the show, this is a venture that is going to
Speaker 5: be looking for those kinds of chips in larger and
Speaker 5: larger numbers. They've gotten started with a five hundred megawant
Speaker 5: data center that Jensen Wang talked about just an hour
Speaker 5: or so ago, but that will likely be just the start.
Speaker 5: The Saudis are looking to diversify their economy and technology
Speaker 5: is one of the areas that they have chosen to
Speaker 5: place their bets where they are looking to go beyond
Speaker 5: energy and all the familiar things that we've known about
Speaker 5: the Saudias and move into these other areas like technology,
Speaker 5: like healthcare and others that will make their economy durable
Speaker 5: and more diverse over the years of time.
Speaker 3: I mean, all of this is as we see Middle
Speaker 3: East more broadly anticipating deals We know that the trip
Speaker 3: is long. As you mentioned, KASA is going to be visited.
Speaker 3: We know the UAE is as well. Are they all
Speaker 3: after the same thing? Is it the same industry groups
Speaker 3: that continue to be focused on as they make this
Speaker 3: particular group, well, this particular trip across.
Speaker 5: Absolutely, Caro. They are going to be looking at the
Speaker 5: tech hyperscalers, the big chip designers, makers and providers to
Speaker 5: help build and sustain the momentum for their AI ambitions
Speaker 5: and other ambitions in advanced technologies. The way they see
Speaker 5: a data centers don't need to be located only within
Speaker 5: the continental United States. They see their position in the
Speaker 5: world as a place of strength. They see themselves of
Speaker 5: having the energy resources to be able to power those
Speaker 5: data centers and keep them running and power the AI
Speaker 5: revolution not just from the US, but from another spot
Speaker 5: halfway around the world.
Speaker 4: Cara, going back to basics. Okay, what we reported was
Speaker 4: citing sources that the United States wanted to do a
Speaker 4: deal with the Saudi Arabian government to basically have an
Speaker 4: ad hoc arrangement outside of existing diffusion rules, which we
Speaker 4: know they won't do anyway, We kind of got that,
Speaker 4: as you explained with humane what other areas of the
Speaker 4: technology sector are hoping for something here. We heard from
Speaker 4: Jensen One, we heard from Elon Musk, and I believe
Speaker 4: Andy Jasse, the Amazon CEO, has something to say shortly
Speaker 4: as well.
Speaker 2: Well.
Speaker 5: They all see opportunity in a region that is growing
Speaker 5: and that is sitting on verse wealth, and they see
Speaker 5: opportunities not only for just pure investment flows into the
Speaker 5: US and into other projects that they may be seeing
Speaker 5: in other regions as well, even outside the Gulf. They
Speaker 5: may be looking for that capital to help that power
Speaker 5: that capex that we've been talking about so much by
Speaker 5: the Hyperscalers and other big companies as well, but look
Speaker 5: ed they are also looking at potentially consumer market in
Speaker 5: the Golf region in the Middle East, The growing and
Speaker 5: younger populations in Saudi Arabia, in the UAE and in
Speaker 5: cutter all have some appeal and it's an area where
Speaker 5: they would like to make more than just a toe hold.
Speaker 5: They really want to be able to expand there and
Speaker 5: partner with other businesses as well.
Speaker 3: Mike Shepherd standing by, we appreciate it as we continue
Speaker 3: to see the live pictures of the Crown Prince Mas
Speaker 3: and alongside President Trump as they are about to take
Speaker 3: stage at this US Saudi Arabia Investment Conference, the forum
Speaker 3: where they will indeed continue to discuss what deals might
Speaker 3: be unfolded. But I want to go back to fionness
Speaker 3: and culture of course standing by for us, because Fiona,
Speaker 3: this comes on a day where inflation is cooler than expected.
Speaker 3: We have the geopolitical context still unfolding, whether or not
Speaker 3: on this trip to the Middle East. Yes, it'll be
Speaker 3: about deals and we're about capitalism, but it's also about well,
Speaker 3: trying to end wars with Russia Ukraine. Potentially a stop
Speaker 3: happening in Turkey is what the President has discussed also
Speaker 3: maybe briefly meeting with a new Syrian leader. Fiona, are
Speaker 3: we seeing a broad risk on attitude or is this
Speaker 3: just seeing it in pockets like technology? Right now?
Speaker 7: Now we've seen the risk attitude across the board has
Speaker 7: improved considerably, particularly if we compare ourselves to where we
Speaker 7: were a month ago or even just a couple of
Speaker 7: weeks ago. Obviously there are still risks out there that
Speaker 7: need to be considered. You point out geopolitical risks which
Speaker 7: very much remain, and obviously you know we've got that
Speaker 7: agreement with China for ninety days, but that could still
Speaker 7: be also.
Speaker 3: We appreciate time. We now return to read whereas you
Speaker 3: can see, President Trump is indeed taking the stage with
Speaker 3: the Crown Prince for Saudi Arabia MBS. Let's listen in
Speaker 3: as they are about to address a huge audience full
Speaker 3: of business leaders from both the Middle East and indeed
Speaker 3: from the United States.