Good morning. Trump announces major AI deals on his Mideast trip. Macron urges the EU to step up pressure on Israel. And Sean “Diddy” Combs’ ex-girlfriend testifies. Listen to the day’s top stories.
The Trump administration is clearing a path for two key Persian Gulf allies to pursue their AI ambitions—and some of the biggest US tech companies are seizing on that opening with plans to spend billions of dollars in the region. Nvidia and AMD will supply chips to Saudi Arabian AI firm Humain for a massive data center project.
French President Emmanuel Macron urged the EU to step up pressure on Israel over the humanitarian situation in Gaza. He said it was an open question for the Europeans to consider “whether we should continue the discussions, the cooperation agreements with Israel as they stand.”
NATO allies have started cobbling together an agreement to significantly boost defense spending in a way that may assuage Donald Trump’s demand to spend 5% of economic output on the military. Negotiators in the alliance are making progress on a path to achieve the target on defense and defense-related spending by 2032 ahead of a NATO summit in June, people familiar said.
Trump said he’ll lift US sanctions against Syria following the toppling of former President Bashar al-Assad, a boost to the war-ravaged country’s ambitions of rejoining the international community. “I will be ordering the cessation of sanctions against Syria in order to give them a chance at greatness,” Trump said. “It’s their time to shine.”
Goldman Sachs held talks with regulators about an Irish launch of its retail bank Marcus, a move that could shake up the country’s heavily concentrated market and give the Wall Street giant access to tens of billions of euros in deposits. Here’s a deep dive from our archive about Goldman’s retail banking ambitions.
Deep Dive: Milan’s ‘Empty London’ Tax Bet
The Piazza Duomo from atop of the Milan Cathedral in Italy’s commercial capital. Photographer: Francesca Volpi/Bloomberg
Italy’s financial capital is proving an early winner in the race to attract wealthy investors after the UK’s non-dom program ended last month.
In just the past six weeks, a slew of well-heeled residents have left the UK. Italy—specifically Milan—is emerging as an early winner, attracting a range of wealthy emigrants from hedge fund managers to ex-CEOs and Middle Eastern billionaires.
After dialing down trade tensions via agreements with the UK and China, Trump has decided to dial it back up regarding Europe, Lionel Laurent writes. A lack of willpower and ambition, rather than Scott Bessent’s complaints of a “collective action problem,” are what ails the region.
Sean “Diddy” Combs’ ex-girlfriend, Cassandra Ventura, told jurors she agreed to drug-fueled sex parties that went on for days during her decade-long relationship with Combs because she feared his violence. Listen to our Bloomberg Law podcast here.
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