Wall Street Breakfast
Big tech strikes oil
May 14, 2025
AI and chip stocks are on the rise, driven by new collaborations between U.S. tech giants and Saudi Arabia. AMD announced a hefty $6 billion buyback, signaling confidence in the market. Meanwhile, Starbucks baristas are striking over a controversial dress code, highlighting worker rights. The podcast also delves into the Middle East's growing tech scene and features bold opinions on cryptocurrency, with one expert calling it 'rat poison.'
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Quick takeaways
- Significant AI-related deals between U.S. tech firms and Saudi Arabia suggest a pivotal shift towards a diversified digital economy in the region.
- Starbucks baristas are staging strikes to protest a new dress code policy, highlighting ongoing labor disputes and the financial burdens on employees.
Deep dives
AI Opportunities in Saudi Arabia
Recent announcements highlight significant AI-related deals between U.S. tech companies and Saudi Arabia, indicating a promising market expansion. Noteworthy companies such as NVIDIA, Amazon, and AMD are poised to benefit from these agreements, which could potentially add $1 trillion to the global AI market over time. Analysts emphasize that these developments reflect a shift towards the Middle East becoming an AI hub, particularly as trade tensions with China lead investors to consider new opportunities. The scale of these partnerships suggests a transformation in the region's economy from a fossil fuel dependency to a more diversified digital landscape.
