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Wednesday, May 14, 2025

Trump meets Syria's Sharaa, urges for normalized ties

 U.S. President Donald Trump met with Syria's president in Saudi Arabia on Wednesday and said Washington was exploring the normalizing of ties with Damascus.

It comes after a surprise announcement the day before that the United States would lift all sanctions on the Islamist-led government.

Trump met Ahmed al-Sharaa in the presence of the Saudi Crown Prince Mohammed bin Salman

He said Turkish President Tayyip Erdogan also joined the meeting, virtually.

"We are currently exploring normalizing relations with Syria's new government, as you know. Beginning with my

meeting with President Ahmed al-Sharaa."

At a summit between the U.S. and Gulf Arab countries afterwards, Trump said he was lifting sanctions to give Syria the ability to make a fresh start, after decades of iron-fisted rule under former president Bashar al-Assad and his father.

"It gives them a chance for greatness. The sanctions were really crippling, very powerful."

According to the White House, the U.S. president also urged Sharaa to normalize ties with Syria's long-time enemy Israel.

The U.S.-brokered Abraham Accords saw the United Arab Emirates, Bahrain and Morocco normalize relations with Israel in 2020.

Trump said on Tuesday Saudi Arabia would join the accords in its own time.

Talks were halted after the Gaza war erupted, with the kingdom insisting there can be no normalization without Palestinian statehood.

U.S. ally Israel has opposed sanctions relief for Syria, but Trump on Tuesday said that MbS and Erdogan, who are both close to the U.S. president, had encouraged him to make the move.

Sharaa severed ties with al Qaeda in 2016, but Israeli officials have continued to call him a jihadist.

Israel's government did not immediately respond to requests for comment.

The decision is a major boost for Sharaa, who has been struggling to bring the country under control after toppling Assad in December.

https://www.yahoo.com/news/trump-meets-syrias-sharaa-urges-133246947.html

Merck & Co., Inc.: Citi downgrades to neutral from buy

 target price reduced from USD 115 to USD 84.

https://www.marketscreener.com/quote/stock/MERCK-CO-INC-13611/

Abbvie Inc.: Citi downgrades to neutral from buy

  target price reduced from USD 210 to USD 205.

https://www.marketscreener.com/quote/stock/ABBVIE-INC-12136589/

Trump's drug pricing order threatens Roche's $50 billion US investment plans, company says

 U.S. President Donald Trump’s recent executive order on drug pricing could potentially jeopardize Swiss pharmaceutical company Roche’s planned $50 billion investment in the United States. Roche, listed as ROG.S, expressed this concern on Wednesday.

The executive order, signed by President Trump on Monday, instructs pharmaceutical firms to reduce the prices of brand-name drugs to match those in other affluent countries. However, several analysts and legal professionals have voiced that implementing such a policy might pose significant challenges.

https://www.investing.com/news/stock-market-news/trumps-drug-pricing-order-threatens-roches-50b-us-investment-co-says-93CH-4045400

Nvidia, AMD Secure Saudi AI Data Center Deals During Trump's Gulf States Tour

 Several U.S. tech companies announced big AI deals in the Middle East after the White House announced the kingdom's commitment to invest $600 billion in the U.S.

Among the largest deals, Nvidia will supply 18,000 of its cutting-edge Blackwell chips to Humain, an AI startup just launched by Saudi Arabia's Public Investment Fund.

Tuesday's announcement comes as part of the White House's Gulf tour, which includes President Trump and top CEOs.

"I am so delighted to be here to help celebrate the grand opening, the beginning of Humain," CEO Jensen Huang told the audience at the Saudi-U.S. Investment Forum in Riyadh on Tuesday, adding, "It is an incredible vision, indeed, that Saudi Arabia should build the AI infrastructure of your nation so that you could participate and help shape the future of this incredibly transformative technology."

A New Chapter of Global Technological Leadership — Born in Riyadh!

Huang said that AI data centers are power-hungry, and the energy-rich country can use Nvidia's technology to unlock new capabilities. 

Humain plans to develop Arabic versions of large language models. CEO Tareq Amin said the startup would build 1.9 gigawatts of data centers by the decade's end. He anticipates Nvidia's technology will power AI factories across the Middle East. 

Here are the AI deals that were announced:

  • Nvidia will supply hundreds of thousands of AI chips to Saudi Arabia, starting with 18,000 Blackwell GPUs for Humain, a newly launched AI firm backed by Saudi Arabia's sovereign wealth fund.

  • AMD announced a $10 billion collaboration with Humain to deploy 500 megawatts of AI infrastructure, including CPUs, GPUs, and orchestration software.

  • Qualcomm signed an MoU with Humain to develop server CPUs for future data centers.

  • Saudi firm DataVolt will invest $20 billion in U.S. AI data centers and energy infrastructure.

  • Google, Oracle, Salesforce, AMD, Uber, and DataVolt will invest $80 billion into transformative technologies across both countries.

Trump's Gulf tour aims to ramp up trillions of investments between the U.S. and Saudi Arabia. 

Outside of chips, the White House announced a $142 billion defense deal with the kingdom to provide "state-of-the-art warfighting equipment and services from over a dozen U.S. defense firms." This is nearly double Saudi Arabia's 2025 defense budget. 

Tuesday's announcement highlights how Nvidia's chips have become a bargaining tool for the Trump administration. 

https://www.zerohedge.com/geopolitical/nvidia-amd-secure-saudi-ai-data-center-deals-during-trumps-gulf-states-tour

Eton 76% Revenue Growth and 17 Straight Quarters of Sales Gains

Eton Pharmaceuticals (NASDAQ: ETON) reported strong Q1 2025 financial results with revenue of $17.3 million, including product sales of $14.0 million - a 76% growth over Q1 2024. The company marked its 17th consecutive quarter of sequential product sales growth. Key highlights include: - Successful relaunch of INCRELEX for rare pediatric endocrinology condition - Out-licensed INCRELEX international rights to Esteve Pharmaceuticals for $4.3M upfront - Relaunched GALZIN for Wilson disease with Eton Cares support program - Submitted NDA for ET-600 following positive clinical study results - Preparing for potential ET-400 launch with PDUFA date of May 28th - Posted Q1 GAAP EPS of $(0.06) and Non-GAAP EPS of $0.07 - Generated $2.1M operating cash flow with $17.4M cash on hand The company expects to exit 2025 at approximately $80M annual revenue run rate.

Bluebird bio receives higher upfront offer from PE firms Carlyle, SK Capital

 Bluebird bio and Carlyle Group and SK Capital Partners said on Wednesday that the private equity firms have offered $5 per share upfront to takeover the gene therapy maker.

Shareholders may elect to receive either the new offer or the previous offer of $3 per share, with an additional $6.84 contingent upon bluebird achieving certain sales milestones.

https://finance.yahoo.com/news/bluebird-bio-receives-higher-upfront-125148001.html