Market Beats | Saudi Wealth Fund Plans $1.5 Billion Boeing Jet Order as Trump Visits Middle East; China Lifts Boeing Delivery Ban Following US Tariff Truce; UnitedHealth CEO Resigns, Guidance Suspended; Nvidia to Power Saudi AI Push with Chips for 500MW Data Center; US Core Inflation Cools in April

—— Saudi Wealth Fund Plans $1.5 Billion Boeing Jet Order as Trump Visits Middle East; China Lifts Boeing Delivery Ban Following US Tariff Truce; UnitedHealth CEO Resigns, Guidance Suspended; Nvidia to Power Saudi AI Push with Chips for 500MW Data Center; US Core Inflation Cools in April

1. Saudi Wealth Fund Plans $1.5 Billion Boeing Jet Order

Saudi Arabia’s sovereign wealth fund is preparing to order 30 Boeing 737 Max jets for AviLease, its aircraft leasing company, during President Donald Trump’s high-profile Middle East trip this week, according to a person familiar with the matter.

The potential order is part of a wave of expected announcements from regional airlines looking to tie commercial agreements to Trump’s diplomatic outreach. As with previous visits, the deals may include a mix of fresh orders, preliminary agreements, and previously disclosed transactions.

Boeing CEO Kelly Ortberg is traveling with Trump, alongside other US corporate leaders, as they aim to secure high-value business in a region where economic partnerships carry political significance.

The 30 single-aisle aircraft are estimated to have a discounted market value of over $1.5 billion, according to aviation consultancy Ishka.

Founded in 2022, AviLease is backed by Saudi’s Public Investment Fund (PIF) and is part of the kingdom’s efforts to diversify its economy beyond oil. The firm currently owns or manages a fleet of 200 aircraft leased to 48 airlines worldwide.

Qatar Airways is also expected to announce a major Boeing order later this week when Trump visits Qatar.

______

2. China Lifts Boeing Delivery Ban Following US Tariff Truce

China has ended a month-long ban on domestic airlines accepting new aircraft from Boeing Co., following a breakthrough in trade negotiations with the US that led both sides to temporarily reduce tariffs.

According to people familiar with the matter, Chinese authorities this week informed airlines and government bodies that deliveries of US-made planes may resume. Carriers have been granted discretion to arrange their deliveries independently.

The move comes as the US and China agreed to a 90-day tariff truce: the US cut its combined 145% tariffs on most Chinese goods to 30%, while China lowered its 125% retaliatory duties on US products to 10%. Beijing also reversed several earlier countermeasures, including the halt on Boeing deliveries.

This development is a significant boost for Boeing, which had seen its planes effectively priced out of China’s market amid escalating trade tensions.

However, the return of aircraft deliveries may be short-lived if the tariff conflict is not fully resolved after the three-month reprieve.

______

3. UnitedHealth CEO Resigns, Guidance Suspended

UnitedHealth Group Inc. unexpectedly replaced CEO Andrew Witty, bringing back former chief Stephen Hemsley, and simultaneously suspended its 2025 earnings forecast — a move that has rattled investors and raised serious concerns about the company’s ability to manage healthcare costs.

Witty’s resignation was attributed to “personal reasons,” though the announcement came just months after the company’s top insurance executive was murdered in New York, adding to a backdrop of instability. The insurer, long seen as a reliable blue-chip stock, shocked the market by withdrawing its earnings guidance amid persistent cost overruns and inaccurate forecasting.

The mismanagement of cost predictions has bewildered analysts and investors alike, especially given UnitedHealth’s scale and dominance in the industry. While rivals like Humana and Elevance Health have avoided such turmoil, UnitedHealth has repeatedly underestimated medical expenses over the past two years.

Shares plunged 11% at the opening bell on Tuesday, compounding a 25% loss already sustained this year — wiping out $122 billion in market value.

______

4. Nvidia to Power Saudi AI Push With Chips for 500MW Data Center

Nvidia Corp. will supply semiconductors to Saudi Arabia’s newly launched artificial intelligence company Humain, supporting the construction of a 500-megawatt data center, CEO Jensen Huang announced on stage at the Saudi-US Investment Forum in Riyadh.

The announcement coincided with US President Donald Trump’s visit to the kingdom.

“AI needs tremendous power, and Saudi Arabia is uniquely positioned to support this transformation,” said Huang. The partnership highlights Nvidia’s expanding role in global AI infrastructure.

Humain, a new venture backed by Saudi Arabia’s Public Investment Fund, will develop AI infrastructure, Arabic-language large language models, and domestic data centers. CEO Tareq Amin said the company plans to build 1.9 gigawatts of data center capacity by 2030.

Saudi Arabia mandates that personal and financial data be stored locally, which has prompted tech giants to invest in local infrastructure. Amazon pledged $10 billion for Saudi data centers last year, while Google and Oracle have also expanded their presence in the country.

______

5. US Core Inflation Cools in April

US inflation came in softer than expected in April, easing concerns that higher tariffs might quickly raise consumer prices. According to data released Tuesday by the Bureau of Labor Statistics, the core Consumer Price Index (CPI)—which excludes food and energy—rose 0.2% from March, marking the third consecutive month of cooler-than-forecast inflation.

Despite President Donald Trump’s sweeping tariff regime, categories most exposed to import duties—like new cars and apparel—did not see the price surges that many economists had anticipated. Analysts say this may reflect the fact that some of the imported goods were shipped before the latest tariffs took effect, or that companies are temporarily absorbing the added costs instead of passing them on to consumers.

At the same time, a pullback in spending on travel and recreation points to more cautious behavior among consumers, especially in discretionary areas. This could be an early sign that economic uncertainty is weighing on household confidence and dampening demand.

______

6. Newsom Urges Cities to Clear Homeless Encampments Under New State-Backed Ordinance

California Governor Gavin Newsom on Monday urged cities across the state to begin removing homeless encampments from sidewalks, bike paths, and other public spaces, unveiling a model ordinance designed to accelerate local action on the homelessness crisis.

The ordinance, supported by $3.3 billion in state funding from 2024’s voter-approved Proposition 1, gives municipalities a legal framework to clear encampments while ensuring alternative shelter is offered. It bans long-term camping in the same location and encampments that obstruct public access. Local governments are required to provide advance notice and offer shelter options before removal.

“This is about taking action — urgently and humanely,” Newsom said. “Cities now have a clear roadmap to resolve encampments and connect people to housing, shelter, and care.”

California continues to face a growing homelessness crisis, with more than 187,000 individuals unhoused in 2023 — representing over 24% of the national total.

______

7. Interlune to Supply Moon-Harvested Helium-3

Washington and Beijing are set to hold their first high-level trade talks this week since President Donald Trump launched a sweeping trade war that has rattled global financial markets and raised alarms over supply chain security.

US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will meet with their Chinese counterparts in Geneva, with Chinese Vice Premier He Lifeng — the country’s top economic policymaker — leading Beijing’s delegation.

This marks the first formal engagement between the two sides since Chinese Vice President Han Zheng attended Trump’s inauguration in January.

Bessent told Fox News on Tuesday that the meetings would take place over the weekend and that both sides had a “shared interest” in engaging because the current 145% US tariff level “isn’t sustainable.” However, he emphasized that the talks are aimed at easing tensions rather than striking a comprehensive trade deal.

“My sense is that this will be about de-escalation, not about the big trade deal,” Bessent said. “We’ve got to de-escalate before we can move forward.”

This diplomatic thaw offers a glimmer of hope to businesses on both sides of the Pacific that have been struggling with unprecedented trade barriers. It also follows several occasions where Trump claimed negotiations were ongoing — only to be contradicted by his own advisers.

The talks represent the first substantive step toward resolving a tariff standoff that has seen the US impose a 145% levy on Chinese imports, with China responding with a 125% duty on American goods.

______