Market Flux Event
Trump Touts Micron's $10B US Research Lab Pledge as Administration Nears Major Venezuelan Oil Deal
President Trump on Thursday hailed Micron Technology's $10 billion investment in new US research labs as evidence the country remains at the forefront of AI and advanced computing, calling Micron one of the hottest companies in the world. The chipmaker announced last week it would invest the sum over the next decade to build the country's first dedicated memory research hub in Boise, Idaho, focused on the memory supply chain. Separately, the Trump administration is close to a landmark deal that would give US companies ownership stakes in more than a dozen Venezuelan oil fields, according to Axios, citing two US officials.
The fields could produce up to 90 million barrels a day and tap into what are considered the world's largest proven oil reserves, with US investment expected to revive Venezuela's struggling oil industry and significantly increase its revenue. The deal would also more than double American oil reserves. On the Iran front, oil prices climbed after the Wall Street Journal reported the Trump administration has told mediators it is not interested in reverting to the conditions of a June memorandum of agreement with Iran, signaling that diplomatic efforts over the Strait of Hormuz have hit stumbling blocks.
Trump separately confirmed the US is not in talks with Iran, framing the standoff as an economic war.
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Sources
- ReutersTrump says the U.S. is not talking with Iran as economic war in focus
- FirstSquawkTRUMP SAYS 'GREAT NEWS' THAT MICRON, ONE OF THE 'HOTTEST' COMPANIES IN THE WORLD, HAS ANNOUNCED A 'MASSIVE' $10 BLN INVESTMENT IN NEW RESEARCH LABS IN AMERICA, SAYING THEY ARE KEEPING THE U.S. AT THE ABSOLUTE FOREFRONT OF AI AND ADVANCED COMPUTING. - TRUTH SOCIAL
- BusinessThe US is in talks with Venezuela to take a large stake in its oil fields, a dramatic move by the Trump administration to extend its influence on the post-Maduro government and the nation’s vast energy reserves.