US President Donald Trump (R) and Saudi Deputy Crown Prince Mohammad bin Salman al-Saud take part in a bilateral meeting at a hotel in Riyadh on May 20, 2017.
Mandel Ngan | AFP | Getty Images
DUBAI, United Arab Emirates — U.S. President Donald Trump will touch down in the Persian Gulf region – or as he may soon be calling it, the Arabian Gulf – on May 13, for an official trip with stops in Saudi Arabia, Qatar and the United Arab Emirates.
The stakes are high, as the visits take place amid turbulent geopolitical tensions. On the agenda will be Israel-Gaza war ceasefire talks, oil, trade, investment deals, and the potential for new policy developments in the areas of advanced semiconductor exports and nuclear programs.
“We expect to see a lot of announcements. And I think in a broad spectrum of areas as well,” Monica Malik, chief economist at Abu Dhabi Commercial Bank, told CNBC’s Dan Murphy on Friday. She noted the potential removal of Trump’s 10% tariffs on aluminum and steel, which would be a positive for the Gulf states as some of them export those metals to the U.S., though they make up only a small percentage of the countries’ GDPs.
Trump has long enjoyed a warm relationship with Gulf Arab states, in particular the UAE and Saudi Arabia, where his children have several business ventures and planned real estate projects. Those relationships could strengthen the countries’ hands when it comes to negotiating new trade deals – while also raising concerns among critics over potential conflicts of interest, accusations the Trump family rejects.
During the president’s initial term in office, his first overseas trip was to Saudi Arabia – a country now hosting the negotiations that Trump hopes will end the Russia-Ukraine war, making the kingdom ever more important to Washington. Qatar, meanwhile, has played a central role in negotiations between Israel and Hamas over ceasefires and hostage releases.
Wall Street and AI in the Gulf
The presidential visit is drawing several Wall Street and Silicon Valley titans to the Saudi kingdom. A Saudi-U.S. investment forum announced just this week and set to take place on May 13 in Riyadh will feature guests including BlackRock CEO Larry Fink, Palantir CEO Alex Karp, and CEOs of major firms like Citigroup, IBM, Qualcomm, Alphabet, and Franklin Templeton, among others. White House AI and crypto czar David Sacks will also be in attendance.
“We also expect to see a lot of investment deals being announced,” Malik said. “And both ways, we’ve already seen the UAE announce a number of investments in the U.S. in areas such as AI, energy, aluminum, but we also think that there will be opportunities for U.S. companies to increase investment.”
Both Saudi Arabia and the UAE have invested heavily in AI infrastructure with the goal of becoming global hubs for the technology. Therefore, likely top of mind for those leaders is the future of U.S. semiconductor exports, the most advanced of which they so far have not gained access to due to national security concerns. But that may soon be changing.
The Trump administration on Wednesday announced its plan to rescind a Biden era “AI diffusion rule,” which imposed strict export controls on advanced AI chips, even to U.S.-friendly nations. The rule will be replaced with “a much simpler rule that unleashes American innovation and ensures American AI dominance,” a U.S. Commerce Department spokesperson said Wednesday, though the details of the new rule have not yet been shared.
The UAE’s state AI firm G42 has made efforts to align with U.S. regulations, including divesting from Chinese companies and partnering with Microsoft, which last year invested $1.5 billion in G42.
Nuclear ambitions
The Trump administration has been actively engaged in talks with Iran over its nuclear program – talks that the UAE and Saudi Arabia have expressed support for. That enthusiasm marks a stark contrast to those countries’ attitudes toward any U.S. deals with Tehran during the Obama years.
At the same time, Saudi Arabia wants its own civilian nuclear program and has asked the U.S. for approvals and assistance in this direction. Any U.S. support for a Saudi nuclear program was previously contingent on Saudi Arabia normalizing diplomatic relations with U.S. ally Israel – but that could change during this visit, according to media reports citing sources with knowledge of the matter.
U.S. Energy Secretary Chris Wright, during a visit to the kingdom in April, said that Saudi Arabia and the U.S. were on a “pathway” to a civil nuclear agreement – but that any further announcements would come from Trump himself.
Israel-Gaza negotiations
Another major topic will be the future of Gaza. Trump has vowed to bring about an end to the war, while also controversially suggesting that the U.S. could take control of the war-ravaged Strip which he described as “important real estate,” comments that drew strong rebukes from Arab leaders.
The U.S. has continued to push for ceasefire deals, most recently floating a 21-day cessation of hostilities and release of some hostages, while Israel this week approved expanding fighting and territorial control in Gaza.
“We have yet to hear a comprehensive plan from the Arab world,” Greg Branch, founder of UAE-based Branch Global Capital Advisors, told CNBC on Friday while discussing Trump’s upcoming visit.
“If we’re going to see a response that’s going to be Arab-led, it’s probably now or never,” Branch said. “I think that will be handled very delicately behind the scenes … probably more of a long-term geopolitical risk than any immediate macro risk.”
Oil and financing
Branch suggested that lifting U.S. sanctions on Syria under its new government could also potentially be discussed. Meanwhile, reports that the Trump administration will announce a U.S. renaming of the Persian Gulf to the Arabian Gulf would be enthusiastically welcomed by Arab states, but could draw severe anger from Iran at a time of delicate nuclear negotiations with Tehran.
Oil prices will also be in focus; Trump has long pushed OPEC states, led by Saudi Arabia, to pump more oil to lower prices for American consumers. For a combination of reasons, Saudi Arabia is doing precisely that – but it may have to change course in the coming months if prices stay subdued, hurting the kingdom’s revenues.
In that vein, financing will be an important agenda item for the kingdom during Trump’s visit, according to ADCB’s Malik.
Saudi Arabia in November pledged to invest $600 billion in the U.S. over the course of Trump’s term — but it also has sky-high costs for its own Vision 2030 investment ambitions. Lower global oil prices and big-ticket public spending projects have brought about widening budget deficits for Riyadh.
“With oil prices where they are, Saudi will look at more financing support from America as well as they look to progress with their investment program,” Malik said.
That viral Tik Tok video showing a “self driving” Ford Mustang Mach-E scraping its way down the highway with a helpless passenger behind the steering wheel praying for his life? California Highway Patrol says the car wasn’t driving itself during the viral highway crash and arrested the driver on suspicion of driving under the influence.
If you have’t seen the video, posted by TikToker Marty Byrde, it shows a self-driving Ford Mustang Mach-E driving down the road, grinding itself against the highway’s concrete Jersey barriers, with the driver behind the wheel, seemingly helpless and afraid and trapped inside an out-of-control vehicle, apparently praying for his life.
There, in a single video, was everyone’s worst fear in an age of electric steering, brake-by-wire, and self-driving cars: a car that loses its mind, killing you and everyone you love and probably a busload of orphans for good measure. (!)
But, thankfully, that doesn’t seem to be what actually happened. At least, not according to the California Highway Patrol (CHP) in Redwood City.
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In case it vanishes, the CHP press release does a good job of explaining the situation as it stands, while emphasizing that any short-form video content is going to lack potentially needed context before the public begins to panic about a Maximum Overdrive sort of scenario.
The preliminary investigation indicates the driver of a green Ford Mustang Mach E, crashed into a red Mitsubishi Mirage then collided with the right shoulder wall near the Holly Street overcrossing. Through our investigation, we determined the vehicle was not operating in autonomous mode and CHP officers arrested the driver on suspicion of driving under the influence, resulting in injuries to another.
While we understand public interest in such incidents, video clips may not capture the complete context or investigative process. The CHP conducts each investigation thoroughly, professionally, and in accordance with the law. We thank the community for its concern and remind motorist to report dangerous driving by calling 9-1-1.
The video was especially surprising given Ford’s BlueCruise excellent track record. The system is good enough, in fact, to have been named the top active driver assistance system (ADAS) by Consumer Reports, surpassing rivals such as GM’s Super Cruise and Tesla’s Autopilot in a comparison test of similar OEM ADAS systems.
The original Tik Toker who recorded the now viral video (I hate that phrase, too, but millions of people have seen it by now) reported that no one seemed hurt in the ensuing accident. Coupled with CHP’s confirmation that the Mach-E wasn’t driving itself during the accident, I’d say that walking out of a hands-free, highway speed crash is as good an endorsement as any … but in case you need another one, this one went 250,000 miles and still had 92% of its battery life left.
Ford is currently offering 0% interest financing for up to 72 months for well-qualified buyers, as well as $1,000 in retail bonus cash in some markets.
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The Trump Administration’s “Big Beautiful Bill” (BBB) is doing a lot of damage to America’s health, economy, and global standing – but one thing it certainly has not done is make it “too late” for US homeowners to benefit from a rooftop solar system.
Companies like Tesla and Rivian are reeling from the double-whammy of Trump’s BBB ending the $7,500 Federal EV tax credit early and killing the market for carbon tax credits, which provides EV car brands with hundreds of millions of dollars, almost overnight. Still another part of the bill that’s getting a lot of publicity is the death of the 30% tax credit for home solar systems at the end of 2025, which has led many Americans who have been “on the fence” about adding a solar or solar + storage solution to their home to believe they waited too long to go solar.
The good news? It’s not too late. Homeowners who get solar installed and operational by December 31st can still claim a full 30% federal tax credit for 2025, and any unused portion of that credit rolls over to the next tax year.
The better news? Even without the solar tax credit, adding a home solar system with battery backup storage can still deliver a positive ROI.
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Solar benefits go beyond tax credits
Home solar installation, via Sunrun.
The most obvious benefit of home solar plus battery storage is that you can produce your own energy (or, if you’ve been following along for a while, electric fuel) for less than it would cost you to buy that energy from your local utility. That’s been true for a while, but it’s about to become even more true.
Energy Innovation’s analysis skews left, and tends to focus on “left of zero” outcomes. Still, when the corporatist rags start quoting bad numbers and bear markets, you should probably pay attention. Some of the key takeaways of the EI study include:
Power generation capacity will fall 340 gigawatts by 2035, raising costs to meet growing demand and damaging industrial competitiveness
Wholesale electricity prices will increase 25 percent by 2030 and 74 percent by 2035; electricity rates paid by consumers will increase between 9-18 percent by 2035
Household energy costs will increase $170 annually by 2035
America loses $980 billion in cumulative GDP through the budget reconciliation window
Florida, Texas, Kentucky, and both North and South Carolina stand to be hit the hardest by rising energy costs over the next ten years
“There are more efficient ways to passively cool buildings, such as reflective roof membranes,” explains Jan Kleissl, a professor of environmental engineering at UC San Diego. “But, if you are considering installing solar photovoltaic, depending on your roof thermal properties, you can expect a large reduction in the amount of energy you use to cool your residence or business.”
What’s more, because the rising costs of energy prices are outpacing interest rates, it might even make sense to finance a solar package – but definitely don’t take my word for that. Talk to a certified financial planner or someone with a fiduciary interest in your money to work the numbers before you start signing stuff.
If you’re considering going solar, it’s a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get any annoying calls. No will will call until you select an installer and you share your phone number with them.
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The Corvette CX making its debut at this weekend’s The Quail, a Motorsports Gathering, generates more than 2,000 combined hp from its four, individually controlled and torque-vectoring electric motors. It’s staggering power, draped in beautiful bodywork, at a point in time when Corvette is rapidly climbing through the supercar ranks. There’s only one problem with this latest rendition of America’s motorsports icon: China’s has 1,000 more hp.
The specs for the Yangwang U9 Track Edition that leaked last week in BYD filings with the Ministry of Industry and Information Technology (MIIT) read like something out a middle schooler’s journal. 3,000 hp. 0-60 in one second. An electric motor for each wheel. A top speed approaching 300 mph. If it’s real (and there is absolutely zero reason to believe that it isn’t), the BYD will be the performance car benchmark against which all others are measured, like the Ferrari F40 of the 1980s, McLaren F1 of the 1990s, or Bugattis of the twenty-first century.
And that 3,000 hp BYD? That’s a production car, if limited. Meanwhile, the latest no production intent, pie-in-the-sky, no-holds-barred, you can just say shit and no one will ever question it electric hypercar concept from GM falls more than 1,000 hp short, at “just” 2,000 hp.
But don’t count the Corvette out.
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More grease, bigger hammer
Callaway Sledgehammer, via Mecum Auctions.
Whatever you may think of poster-era supercars like the Lamborghini Diablo, Porsche Carerra GT, or Pagani Huayra – or even modern electric hypercars like the Tesla Model S Plaid and Xiaomi SU7 – the one thing they all have in common is that they are all objectively slower than the 255 mph Callaway Corvette Sledgehammer from 1988, above.
I won’t go into the specs of that car (this isn’t that kind of car blog), but the point is that while the Corvette is often overlooked, there is a reason GM’s top-shelf sporty car carries that “King of the Hill” nickname – and the new Corvette CX concept is similarly, undoubtedly, more than just a list of specs in a magazine.
And those specs are seriously impressive. The new Corvette CX concept packs four independent electric motors putting out a combined 2,000 hp and some ungoldy amount of Earth-moving torque under advanced software controls that enable four-wheel torque vectoring for maximum grip and cornering performance, as well as precise steering control under even the heaviest of braking.
Power to those motors comes from the Corvette CX’ 90 kWh lithium-ion battery that’s centrally mounted low in the chassis, giving the car a low center of gravity and, crucially, ideal 50/50 front-rear weight distribution.
Plus: it’s gorgeous
The Corvette team says the CX concept draws from more more than seventy (!) years of Corvette heritage while being a forward looking concept, not a retro piece. Stylistically, the concept seems more visually mature and subdued than its in-production C8 cousin, and seems to promise a return to the C3-5 eras’ cleaner, less busy aesthetics.
Phil Zak, executive design director for Chevrolet, is very rightly proud of the CX’ design. “While the shape of a Corvette has always been expressive and forward-looking, each crease and line has its roots in the generations that came before it. It is aspirational, it is cultural, it is the reason people want to come and work at Chevrolet,” says, Zak. “The CX … demonstrate(s) our design teams stepping away from the constraints of production vehicles and unleashing their creativity. Through this exercise, we’ve added to Corvette and defined the design direction for Corvette moving forward.”
Aggressively futuristic, yet unquestionably a Corvette, the CX concept shows what an uncompromised future sports car can be. The athletic exterior design, highlighted by the fighter-jet-inspired cockpit canopy, isn’t just about looking powerful – it was shaped in collaboration with the GM Motorsports Aero Group. Every angle was designed with ultimate performance in mind.
On the inside, every aspect of the CX concept was designed to provide an unmatched driving experience. The forward-opening fighter-jet-style canopy automatically raises as you approach. Driver and passenger settle into seating finished in Inferno Red ballistic textile, bolstered to help hold occupants in place during high-g cornering maneuvers. Premium silicone leather, milled aluminum, and low-gloss forged carbon fiber accents give an elevated feel to the driver-focused cabin.
The digital windscreen transforms the windshield into an immersive surround display with real-time performance data. Every major control is elegantly integrated into the steering wheel, keeping the driver’s focus on the road ahead.
The innovations continue underneath the skin with the Vacuum Fan System. Built-in fans draw air through the open-channel bodywork, generating massive downforce and adjusting the airflow over the rear diffuser to refine aerodynamic balance in real-time. The front diffuser and rear wing are both active, adjusting automatically in response to the driver’s inputs to generate maximum grip. The integrated understructure of the CX concept is visible through the aero channels in the bodywork, and the suspension A-arms are wing-shaped to enhance airflow and reduce front-end lift.
All in all, the new Corvette CX concept is an impressive piece of engineering and rolling art. It’s also a statement from GM that, while the Corvette may very well be going all-electric in its next iteration, it won’t be going any slower. In fact, the first electric Corvette might even be the best one ever – but don’t say that one too loud (you’ll upset the New Balance crowd).
That said, as a pure concept that almost no one will ever drive and which might never get publicly strapped on to a dyno, it is absolutely baffling that Chevy wouldn’t have just claimed 3,000 hp. Even if it was just to match BYD’s claims and continue to build on a century of hype for American exceptionalism, you know?
That’s my take, anyway – what’s yours? Watch the Corvette CX Concept hype video from Chevrolet, below, then let us know what you think of the latest GM concept in the comments.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links.More.