SOTS 2nd Hour: CPI Breakdown, Fed Implications, and Live from Riyadh: Elon Musk & Jensen Huang 5/13/25

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Carl Quintanilla (0:59)

Good Tuesday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Mike Santoli, David Faber live at Post 9 of the New York Stock Exchange. Sarah is on assignment. In fact, she's at the Saudi US Investment Forum in Riyadh, Saudi Arabia, and we're going to head there live for remarks from the president in just a few moments. Plus Elon Musk also taking the stage there later this hour. We're going to bring you that as well. In the meantime, another interesting day in stocks as we do not give back any of yesterday's bounce. 5870 is about 11 points shy of a year-to-date break even for the S&P. Meantime, the NDX and the Triple Qs have reclaimed their losses for the year so far.

David Faber (1:38)

We're going to begin with that Saudi US Investment Forum. It's an A-list cross-section of corporate America and they have descended upon Riyadh. It includes the likes of Jensen Huang, of Nvidia, Arvind Krishna, IBM, Larry Fink of BlackRock, AMD's Lisa Su. As you can see, all greeting President Trump and Crown Prince Mohammed bin Salman this morning. Let's get to Ayman Javarz. He is in Washington. He also has some breaking headlines as we of course are awaiting the president's remarks at this forum. Ayman.

Ayman Javers (2:08)

Yeah, David, the president running a little bit behind in Saudi Arabia so we don't know exactly when that will start. Meantime, the White House has just put out a list of big business deals. It's inking as part of this overall trip. The White House saying it totals up to about $600 billion in investment from major corporations. The White House saying that Saudi Arabian company Data Vault is moving forward with plans to invest $20 billion in AI data centers. Google, Data Vault, Oracle, Salesforce, AMD and Uber, they say, are committing to invest $80 billion in what they call cutting edge transformative technologies in both countries. Iconic American companies, they say, including Hill International, Jacobs, Parsons and AECOM are building key infrastructure projects like King Salomon International Airport, King Salomon Park, and more totaling $2 billion in contracts there. So some of this will have been in the works already, but all of it being announced simultaneously here for this trip. And the big themes here, David, are very much big business deal making and also even bigger pomp and circumstance with the president. It all began with an F-15 Saudi fighter jet escort for Air Force One as it landed. Then we saw Arabian horses escorting the beast as the president was limoed around in Riyadh. So they are rolling out the purple carpet in the case of the Saudi government here. And then all of those business leaders, as you can see here, greeting Mohammed bin Salman and the president of the United States. This is a display of wealth and power unequaled, really, anywhere in the world. And it's all about cutting these deals that the president says will benefit US workers and the US economy more broadly, guys.

David Faber (3:53)

Yeah, I mean, it really is significant, I think, just to see, as we said, the cross-section of US businesses. And by the way, competitors. I mean, Andy Jassy, CEO of Amazon, Ruth Porat, president of Alphabet there, for example. You've got Sam Altman and Elon Musk. I don't know if they can even be in the same room at this point, but they are at the forum itself.

Do we, you know, any details? 600 billion, obviously, but anything beyond, in terms of where that money is going to end up and sort of the specific uses?