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Copper prices surged past US$10,000 per metric ton on Thursday (March 20), hitting a five month high as traders scrambled to secure supply ahead of potential US tariffs on the base metal.

London Metal Exchange (LME) copper futures climbed sharply in early trading, reflecting a combination of supply constraints, rising demand and uncertainty surrounding trade policy.

US President Donald Trump has ordered a probe into the national security implications of copper imports, raising concerns that a 25 percent tariff could be imposed, similar to levies already placed on aluminum and steel.

The potential for such tariffs has triggered a wave of preemptive buying, particularly in the US, where traders are paying record premiums to acquire copper before any duties take effect. The spread between New York Comex futures and the LME price widened to more than US$1,254 this week, exceeding February’s high of US$1,149.

Tariff threat complicating copper trade

If the US imposes a 25 percent tariff on copper imports, analysts say the price gap between Comex and LME copper could widen even further, potentially surpassing US$2,000.

StoneX analyst Natalie Scott-Gray told the Financial Times that this would further distort global copper trade, creating strong incentives for suppliers to shift even more metal to the US market.

Wei Lai, deputy trading head at Zijin Mining Investment Shanghai, told Bloomberg that “a round of cross-regional repricing triggered by potential US tariffs’ is unfolding. The rush to divert supply to the US is leaving other regions short of the metal, while also boosting investor confidence in copper as a lucrative commodity.

Beyond tariffs, the copper market is facing broader supply-side challenges. Processing fees for copper smelters have reached historic lows, raising concerns about the long-term viability of some refining operations. An oversupply of smelting capacity — particularly in China — has made it difficult for copper smelters to maintain profitability.

Commodities trading giant Glencore (LSE:GLEN,OTC Pink:GLCNF) recently announced it would halt operations at its Philippine copper smelter, citing “increasingly challenging market conditions” as processing fees collapsed.

More smelters could shut down if the situation persists, further tightening copper supply and boosting prices.

While trade policy is a key factor driving copper’s price surge, broader macroeconomic trends are also playing a role. Expectations of rising demand from Germany’s major infrastructure and military spending initiatives, as well as stimulus measures in China, are supporting bullish sentiment for the metal. Furthermore, some investors are diversifying away from US tech stocks, shifting funds into gold and industrial metals as a hedge against economic volatility.

During the recent Prospectors & Developers Association of Canada convention, Adrian Day, president of Adrian Day Asset Management, explained why US tariffs on copper imports would be a bad idea.

‘Logically, if you’re worried that we need a lot of copper in the US and we’re not producing enough, the last thing you want to do is put tariffs on shipments from abroad,’ Day explained. ‘I suspect, that the people making a recommendation will recommend no tariffs, and they’ll recommend encouraging domestic production, and so on.’

Rising copper prices boost China’s Zijin

The positive impact of higher copper prices is already being felt across the mining sector.

Zijin Mining Group (OTC Pink:ZIJMF,SHA:601899), China’s largest metals producer, reported a 52 percent jump in profit last year, driven by increased output and soaring prices for copper and gold. The company posted net income of 32.1 billion yuan (US$4.4 billion), with revenue climbing 3.5 percent to 303.6 billion yuan.

Despite these gains, Zijin recently lowered its copper output target for 2025 by about 6 percent to 1.15 million metric tons, citing regulatory hurdles and geopolitical challenges that have slowed its overseas expansion. Resistance to Chinese acquisitions in western markets has also played a role in the company’s revised projections.

Market waits for copper probe results

For now, the outlook for copper is uncertain as traders await the results of the US tariff investigation.

While final recommendations are unlikely to come until later this year, major investment banks, including Goldman Sachs (NYSE:GS) and Citigroup (NYSE:C), expect 25 percent import duties on copper by the end of 2025.

In the meantime, copper prices are likely to remain volatile.

As of midday Thursday (March 19), LME copper was trading just below US$10,000, with other base metals showing mixed performance. Aluminum remained slightly higher, while nickel remained steady.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

The big news of the week came on Wednesday (March 19) when the US Federal Reserve’s Federal Open Market Committee (FOMC) convened for its March decision on whether to adjust its benchmark Federal Funds rate.

Given the economic uncertainty surrounding US President Donald Trump’s economic and trade policies, it has been widely expected that the FOMC would maintain the rate at 4.25 to 4.5 percent, which is what they did.

In his press statements, Fed Chairman Jerome Powell said inflationary numbers were somewhat stuck, citing tariffs raising consumer prices as a reason for the stagnant figures. However, he also indicated that the committee believed the effect would be largely transitory and that data showed the economy was strong and job markets were balanced. Because of this, he expects that the FOMC will still make two rate cuts in 2025 as previously planned.

Sticky inflation isn’t limited to the United States. North of the border, Statistics Canada reported on Tuesday (March 18) that the consumer price index ticked up to 2.6 percent in February, versus a more modest 1.9 percent increase in January.

The agency cited the end of the tax holiday implemented by the federal government in December as the primary source of the rise, as tax is included in CPI data. It also indicated the rise was moderated by slower price increases in gasoline.

Newly sworn-in Canadian Prime Minister Mark Carney, who replaced former Prime Minister Justin Trudeau, is expected to dissolve parliament this Sunday (March 23) and announce an election for April 28 or May 5. The election would occur amid a growing trade war between the US and Canada and shortly after a new round of global tariffs from the US is set to take effect on April 2.

For his part, Carney met with the premiers on Friday (March 21) to discuss opening up trade between the provinces and working to create a more unified Canadian economy. Currently, trade between provinces faces restrictions on many goods, from natural resources to alcohol and dairy products.

Markets and commodities react

In Canada, markets were largely positive this week. The S&P/TSX Venture Composite Index (INDEXTSI:JX) gained 2.57 percent during the week to close at 637.79 on Friday (March 14), the S&P/TSX Composite Index (INDEXTSI:OSPTX) was up 1.7 percent to 24,968.49 and the CSE Composite Index (CSE:CSECOMP) dropped 0.4 percent to 123.20.

After seeing sharp declines in recent weeks, US equity markets were up slightly this week. The S&P 500 (INDEXSP:INX) gained 0.6 percent to close the week at 5,667.57 and the Nasdaq 100 (INDEXNASDAQ:NDX) rose 0.42 percent to 19,753.97. The Dow Jones Industrial Average (INDEXDJX:.DJI) saw the largest gains adding 1.27 percent to 41,985.36.

Gold held above the US$3,000 mark this week and set a new all time high at US$3,053 following the Fed’s rate announcement. Overall, the gold price gained 1.23 percent over the week to US$3,021.85 per ounce at 4:00 p.m. EDT Friday. The silver price went the opposite direction, losing 2.35 percent during the period to US$33.03.

In base metals, the copper price broke through US$5 per pound this week, gaining 4.69 percent to close out Friday at US$5.12 per pound on the COMEX. Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) was up 1.18 percent to close at 558.21.

Top Canadian mining stocks this week

So how did mining stocks perform against this backdrop? We break down this week’s five best-performing Canadian mining stocks below.

Data for this article was retrieved at 4:00 p.m. EDT on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.

1. BCM Resources (TSXV:B)

Company Profile

Weekly gain: 136.36 percent
Market cap: C$12.99 million
Share price: C$0.13

BCM Resources is an exploration company working to advance its flagship Thompson Knolls project in Utah, United States.

The greenfield copper, molybdenum, gold, and silver project in Utah’s Great Basin consists of 225 federal unpatented lode mining claims and two state section leases covering an area of 2,242 hectares.

Exploration of the project area began in the 1970s, when a US Geological Survey aerial survey identified a prominent magnetic anomaly. In the 1990s, follow-up work was conducted at the target.

BCM carried out its last drill program at the property in 2023. At the time, the company announced that one drill hole encountered a significant mineral intercept of 0.66 percent copper, 0.12 grams per metric ton (g/t) gold and 7.4 g/t silver over 155.4 meters starting at a depth of 621.8 meters. The sample also contained eight intervals with greater than 1 percent copper over 24.3 meters.

The company received approval from the Bureau of Land Management for a plan of operation to continue drilling at the project. In a July 2024 update, the company released data from an analysis of the project’s porphyry-skarn system by the Colorado School of Mines, which it plans to use to prepare for the drilling at the site.

Although the company did not release news this week, shares were up alongside a surging copper price.

2. KWG Resources (CSE:CACR)

Company Profile

Weekly gain: 100 percent
Market cap: C$31.99 million
Share price: C$0.03

KWG Resources is a chromite and base metals exploration company focused on moving forward at its Ring of Fire assets in Northern Ontario, Canada. It does business as the Canadian Chrome Company.

The firm’s properties consist of the Fancamp and Big Daddy claims, along with the Mcfaulds Lake, Koper Lake and Fishtrap Lake projects. All are located within a 40 kilometer radius, and according to the company are home to feeder magma chambers containing chromite, nickel and copper deposits.

KWG is currently working with local First Nations to improve transportation to the region through the development of road and rail links. The company announced on November 7 that it had signed a memorandum of agreement with AtkinsRealis Canada in its capacity as a contractor representing the Marten Falls and Webequie First Nations.

The agreement will allow AtkinsRealis temporary access rights over some mineral exploration claims in support of work permits for an environmental assessment for the design, construction and operation of a multi-use, all-season road between the proposed Marten Falls community access road and the proposed Webequie supply road.

Once completed, the link will provide improved access to communities and mining companies in the region.

KWG released a pair of news releases this week. On Tuesday, the company announced the closing of the second tranche of a private placement; the company raised gross aggregate proceeds of C$422,614.32 between the two rounds. It followed the news on Friday with the announcement of a proposed private placement for proceeds of up to C$5 million.

3. Sterling Metals (TSXV:SAG)

Company Profile

Weekly gain: 60 percent
Market cap: C$33.97 million
Share price: C$0.08

Sterling Metals is an exploration company working to advance a trio of projects in Canada.

Over the past year, its primary focus has been on exploration at its brownfield Copper Road project in Ontario. The 25,000 hectare property has hosted two past-producing copper mines and has the potential for larger intrusion-related copper mineralization.

On January 15, Sterling announced results from a 3D induced polarization and resistivity survey that covered an area of 5 kilometers by 3 kilometers and revealed multiple high-priority drill-ready targets.

The company intends to use the survey results, along with historical exploration, to inform a drill program at the site.

The company’s other two projects consist of Adeline, a 297 square kilometer district-scale property with sediment-hosted copper and silver mineralization along 44 kilometers of the strike, and Sail Pond, a silver, copper, lead and zinc project that hosts a 16 kilometer long linear soil anomaly and has seen 16,000 meters of drilling. Both properties are located in Newfoundland and Labrador.

The most recent news came on Monday (March 17), when Sterling announced it had upsized its private placement for the second time. The expanded round will see gross proceeds of up to C$1.6 million.

4. Star Diamond (TSXV:DIAM)

Company Profile

Weekly gain: 60 percent
Market cap: C$33.97 million
Share price: C$0.08

Star Diamond is an exploration and development company working to advance its flagship Fort à la Corne diamond district in Saskatchewan, Canada.

The property is located 60 kilometers east of Prince Albert, Saskatchewan. Previously a joint venture with Rio Tinto, Star Diamond acquired Rio Tinto’s stake in the project in March 2024 in exchange for 119.32 million shares in Star Diamond, resulting in Rio Tinto holding a 19.9 percent ownership position in the diamond junior.

Fort à la Corne has seen extensive exploration of kimberlite deposits, including geophysical surveys, large-diameter drilling and micro- and macro-diamond analyses.

The Star-Orion South diamond project, the most advanced project area in Star Diamonds’ portfolio, is located within the district.

In 2018, the company released a PEA for Star-Orion South, which reported a resource of 27.15 million carats of diamonds from 200.16 million metric tons with an average grade of 14 carats per 100 metric tons. The inferred resource is 5.18 million carats from 72.08 million metric tons, with an average grade of 7 carats per 100 metric tons.

At the time, the company estimated a post-tax NPV of C$2 billion, an IRR of 19 percent and a payback period of 3 years and 5 months.

On January 9, Star Diamond announced that a 70.7 million share block held by a former project partner had been sold, with 61.12 million shares purchased by an international investor interested in diamonds.

The company’s most recent news came on February 27, when it announced that it had closed the second tranche of its private placement for gross proceeds of C$230,000, adding to the C$335,000 from the first tranche it closed on February 18. The funds will be used as working capital. According to the announcement, Star Diamond is discussing funding for a pre-feasibility study with potential investors.

5. Cordoba Minerals (TSXV:CDB)

Company Profile

Weekly gain: 58.62 percent
Market cap: C$35.01 million
Share price: C$0.46

Cordoba Minerals is an exploration company working to advance its flagship Alacran project in Colombia.

The 20,000 hectare property hosts copper, gold and silver mineralization across five deposits: Alacran, Alacran North, Montiel East, Montiel West and Costa Azul. The project is a 50/50 joint venture with JCHX Mining Management (SHA:603979).

A feasibility study for the project released in February 2024 demonstrated an after-tax net present value of US$360 million with an internal rate of return of 23.8 percent and a payback period of three years.

The mineral resource estimate for the Alacran deposit and historical tailings reported an indicated resource of 99.46 million metric tons of ore with an average grade of 0.41 percent copper, 0.24 g/t gold and 2.65 g/t silver. Contained metal totals 904.53 million pounds of copper, 765,400 ounces of gold and 8.47 million ounces of silver.

The company’s most recent news came on January 10, when it reported that it had closed a US$10 million bridge financing deal with JCHX.

FAQs for Canadian mining stocks

What is the difference between the TSX and TSXV?

The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.

How many companies are listed on the TSXV?

As of June 2024, there were 1,630 companies listed on the TSXV, 925 of which were mining companies. Comparatively, the TSX was home to 1,806 companies, with 188 of those being mining companies.

Together the TSX and TSXV host around 40 percent of the world’s public mining companies.

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

Article by Dean Belder; FAQs by Lauren Kelly.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

: President Donald Trump is considering lifting sanctions on and resuming the sale of fighter jets to Turkey after a conversation with President Recep Tayyip Erdogan. 

Trump expressed an intent to help finalize the sale of F-16 fighter jets to Turkey and is open to the idea of selling Turkey its true prized goal, F-35 jets, if the two sides can come to an agreement that renders Turkey’s Russian S-400 system inoperable, two sources confirmed to Fox News Digital. 

That agreement could look like partially disassembling the machinery or moving it to a U.S.-controlled base in Turkey. 

Congress approved the $23 billion sale of 40 F-16s and modernization kits for 79 in its current fleet to Turkey last year, but there are ongoing negotiations between Turkey’s defense ministry and Lockheed Martin, which builds the jet. 

Trump’s team has asked for legal and technical analysis of how it could avoid finding Turkey in violation of Countering America’s Adversaries Through Sanctions Act (CAATSA) sanctions, according to one source familiar with the request. 

The State Department and National Security Council could not be reached for comment. 

The U.S. agreed to extend a waiver allowing Turkey to buy Russian natural gas until May, Bloomberg reported on Thursday. 

Trump and Erdogan spoke by phone on Sunday, and the Turkish government is looking to firm up plans to bring Erdogan to the U.S. to visit with Trump in the near future. 

The Turkish embassy pointed to a readout of the call from Erdogan’s office which said the president had expressed to Trump, ‘in order to develop cooperation between the two countries in the field of defense industry, it is necessary to end CAATSA sanctions, finalize the F-16 procurement process and finalize Türkiye’s re-participation in the F-35 program.’

Erdogan asked the U.S. to lift sanctions on Syria, where a new governing force, HTS, overthrew Bashar al-Assad with Turkish backing. The U.S. side did not provide a readout of the call. 

Turkey was kicked out of the F-35 program following its purchase of a Russian S-400 mobile missile-to-air system due to spying concerns associated with having a Kremlin-operated system so close to a high-level U.S. technology like the F-35.

‘The F-35 cannot coexist with a Russian intelligence collection platform that will be used to learn about its advanced capabilities,’ the White House said in 2019, adding that the purchase would have ‘detrimental impacts’ on Turkey’s participation in NATO. 

Ankara, Turkey’s capital, had brokered the $2.5 billion deal with Russia for the S400s in 2017, despite U.S. warnings that there would be political and economic consequences. In an effort to deter Turkey, the U.S. offered to sell them the Patriot system, but Ankara wanted the system’s sensitive missile technology along with it, and the U.S. declined. 

The U.S. considerations come after the United Kingdom offered a price proposal to Turkey to purchase 40 of its Eurofighter Typhoon fighter jets last week. 

A move to sell Turkey F-35s would prove controversial, and prompt concern from U.S. allies like Israel, where Turkey cut off all relations due to the Gaza war last year, and Greece due to disputes over Cyprus and the surrounding waters.

Experts describe the F-35 as a ‘status symbol.’ ‘The F-35 club is really for trusted allies,’ said Jonathan Schanzer, executive director at the Foundation for Defense of Democracies. 

‘This is a Turkey that supports the Houthis, which President Trump is bombing and supports Hamas and supports Hezbollah,’ said Endy Zemenides, executive director of the Hellenic American Leadership Council. ‘We know that they don’t want to be a customer, they want to be a competitor in the arms market.’ 

However, isolating Turkey, which has the second-largest standing military after the U.S. in NATO, could push them to go to Russia and China for weapons supplies. 

‘Trump’s about making a business deal here, right? We don’t need Turkey with nearly one million soldiers on the other side and leaning more towards Russia and China, right?’ said Jonathan Bass, Argent LNG CEO and international trade expert.

‘Turkey is an unresolved thorn in the side of the NATO alliance,’ said Schanzer, ‘It certainly seems to be a priority right now for the Trump administration to try to bring them back into the fold.’

However, he added, ‘There’s the democracy deficit and the autocratic tendencies of Erdogan. All of these things are creating a very cloudy picture for U.S. engagement. So it’s buyer beware.’ 

‘Turkey is a major economy. We need them to come down on the right side of the fence. We need them from a supply chain standpoint,’ countered Bass. 

He added that the U.S. needs to partner with Turkey on mining for rare earths minerals. ‘Turkey has a lot more mining infrastructure,’ he said. ‘They can help us with mining operations in Africa. We don’t have the people willing to do that.’

‘If you don’t give Erdogan a seat at the table, he’s going to make his own table,’ Bass warned. 

‘He wants to be respected as he should. He’s got 80 million people that he represents. But we need to give him clear lines of engagement.’ 

This post appeared first on FOX NEWS

President Donald Trump said former Vice President Kamala Harris’ running mate, Minnesota Gov. Tim Walz, contributed to the Democrats’ loss in the 2024 election. 

Trump’s comments came in response to statements Walz provided in a podcast with California Gov. Gavin Newsom that aired on Tuesday, in which Walz predicted he could kick the ‘a–‘ of most Trump supporters. 

‘Well, he’s a loser. Yeah. No, I think so. He lost an election,’ Trump said Friday in the Oval Office of the White House. ‘He played a part. You know, usually a vice president doesn’t play a part. They say. I think Tim played a part. I think he was so bad that he hurt her. But she hurt herself. And Joe hurt them both. They didn’t have a great group, but I would probably put him at the bottom of the group.’ 

A spokesperson for Walz did not immediately respond to a request for comment from Fox News Digital. 

 

Walz’s comments originated during a discussion with Newsom about toxic masculinity. While Newsom discussed why he has brought on conservative figures like Charlie Kirk on his podcast because he believes one shouldn’t write someone off for having different views, Walz questioned how to challenge Trump backers. 

‘How do you fight it? I think I could kick most of their a–. I do think that,’ Walz said in response. ‘But I don’t know if we’re going to fall into that place where we want to— okay, we challenge you to a WWE fight here type thing.’

Walz also told Newsom he believes ‘I scare them a little bit’ and that he’s received scrutiny from Republicans, prompting Newsom to laugh. 

‘No, I’m serious, because they know I can fix a truck, they know I’m not bulls—-ing on this,’ Walz said. 

 

Meanwhile, Walz received some criticism for his comments on the podcast. 

Caitlyn Jenner, a trans woman formerly known as Bruce Jenner and former Olympic gold-medal decathlete, joked in an X post of being more ‘masculine’ than Walz. 

Vice President JD Vance also addressed Walz’ comments in an interview with The Daily Caller’s Vince Coglianese that aired Thursday. 

‘I have to say, Vince, I was never physically intimidated by Tim Walz,’ Vance said. 

Vance also addressed speculation that Walz may attempt to run for the U.S. Senate, following his bid as Harris’ running mate in the 2024 election.

‘I’m not too worried about Tim Walz as a political talent,’ Vance said. 

This post appeared first on FOX NEWS

President Donald Trump called the U.S.-Canada border an ‘artificial line’ while also declining to say whether Canada would lean right or left if it were to become a state. 

Trump’s Friday comments were made during a press conference in the Oval Office amid controversy over the president speaking of Canada as the ’51st state.’

Fox News’ Peter Doocy asked the president whether he would be ‘concerned’ about whether Canada ‘would be a very, very blue state.’

‘It’s just an artificial line that was drawn in the sand or in the ice,’ Trump said. ‘You add that to this country – what a beautiful landmass. The most beautiful landmass anywhere in the world. And it was just cut off for whatever reason.’

‘It would be great,’ he continued. 

Trump circumvented the question, saying, ‘I don’t care who winds up there.’

‘Frankly, [it] probably would do better with the liberal than the conservative, if you want to know the truth,’ he responded. 

Trump referenced former Canadian Prime Minister Justin Trudeau during the exchange, whom he has notably called ‘Governor Trudeau.’

Trudeau resigned as leader of the Liberal Party and the country’s prime minister in early January, following increased pressure and criticism from within his own party and threats levied by then-President-Elect Trump. 

Former Bank of Canada governor Mark Carney won the Liberal leadership earlier this month, replacing Trudeau. 

‘I think Canada is a place like a lot of other places – if you have a good candidate, the candidate’s going to win,’ Trump said. 

Canadian MP Charlie Angus recently claimed the Trump administration had committed an ‘act of war’ over Trump repeatedly referring to Canada as the U.S.’ ’51st state’ and for leveling tariffs on the nation. 

‘Well, I think Marco Rubio probably needs to be sent back to school, because when you say that someone doesn’t have a right to have a country, that’s an act of war. When you rip up, arbitrarily, trade agreements and threaten and say you’re going to break a country, that’s an act of war. And Canadians have responded in kind,’ Angus said during an interview earlier this week with the MeidasTouch Network.

Trump leveled a 25% tariff on all imports of steel and aluminum from other nations in early March, while Canada specifically is set to face a 25% tax on all imported goods beginning April 2. The tariffs have sparked boycotts of U.S. goods. 

Fox News Digital’s Emma Colton contributed to this report. 

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Sen. Kirsten Gillibrand, D-N.Y., said SpaceX and Tesla CEO Elon Musk has ‘no business’ conducting affairs at the Pentagon, amid reports Musk would receive secret information from top military officials Friday about military contingency plans should a war break out with China.  

While The New York Times reported that Musk was set to receive military plans about any potential China conflict, the Pentagon and White House pushed back and said Musk’s briefing wouldn’t cover China. 

‘Elon Musk is an unelected, self-interested billionaire with no business anywhere near the Pentagon,’ Gillibrand said in an X post Friday morning with a photo of the Times story, just after Musk arrived at the Pentagon. Gillibrand is a member of the Senate Armed Services Committee. 

The possibility of Musk receiving information on China raises a possible conflict of interest, given the fact that Musk has financial interests in China stemming from Tesla, and SpaceX is working with the U.S. federal government on military space capabilities. 

However, the Trump administration swiftly pushed back on the Times’ reporting, and Trump issued a post on social media discrediting the story as ‘completely untrue.’

‘They said, incorrectly, that Elon Musk is going to the Pentagon tomorrow to be briefed on any potential ‘war with China.’ How ridiculous?’ China will not even be mentioned or discussed,’ President Donald Trump said in a Thursday night Truth Social post. 

A former Obama administration official also sounded the alarm about Musk’s visit to the Pentagon. 

Xochitl Hinojosa, who previously served as a spokesperson for former Attorney General Eric Holder and communications director for the Democratic National Committee, said that career officials must have disclosed the information about the meeting to the press because they were concerned about what would be shared with Musk. 

‘What is happening here, and everyone needs to be scared, is Pentagon officials are sounding the alarm,’ Hinojosa said in an interview with CNN Thursday night. ‘This doesn’t just happen on its own. This has happened because career officials in the Pentagon are terrified. And they believe there is a conflict of interest. That is why it is in the New York Times. Because I am sure they took it to the senior most people within the White House and within the Pentagon and they didn’t do anything about it.’

Hinojosa said that during her time at the Justice Department, career officials would sound the alarm if they became aware of any unethical behavior at the agency. 

‘That is exactly what is happening here,’ Hinojosa said. 

Hinojosa could not be reached for comment by Fox News Digital. 

The New York Times published a story Thursday evening claiming that Musk’s visit to the Pentagon would involve discussing plans in the event of a potential war with China. Specifically, the Times reported that the briefing involved a presentation with 20 to 30 slides on how the U.S. would combat China, various Chinese targets to strike and how the Pentagon would share these plans with Trump. 

The Times also reported the meeting would occur in the so-called Tank, a secure conference room that the Joint Chiefs utilize for meetings, along with other senior staff and visiting combatant commanders. 

Meanwhile, the Times report also noted that Musk may have needed to know information about plans for China as he eyes cutting the Pentagon’s budget amid his efforts leading the Department of Government Efficiency (DOGE). 

Pentagon war plans are highly confidential for operational security purposes. Should details regarding the U.S. military’s strategy to combat an enemy be shared or leaked in any way, it would jeopardize U.S. forces and undermine the success of the military campaign.

Hegseth also weighed in on the matter, and said the meeting with Musk would primarily center around innovation. 

‘But the fake news delivers again — this is NOT a meeting about ‘top secret China war plans.’ It’s an informal meeting about innovation, efficiencies & smarter production. Gonna be great!’ Hegseth said in a post on X late Thursday evening. 

In response to Hegseth’s post, Musk responded: ‘Exactly. Also, I’ve been to the Pentagon many times over many years. Not my first time in the building.’ 

Musk also said in a separate post he looks ‘forward to the prosecutions of those at the Pentagon who are leaking maliciously false information to NYT. 

‘They will be found,’ he said. 

The White House didn’t immediately respond to a request for comment. 

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President Donald Trump said he’s not interested in showing ‘anybody’ plans for how the U.S. would navigate a conflict with China after a New York Times report that SpaceX and Tesla CEO Elon Musk’s meeting at the Pentagon Friday included details about contingency plans for any war with Beijing. 

Trump told reporters Friday that Musk met with Pentagon officials to discuss initiatives relating to the Department of Government Efficiency (DOGE) that Musk is spearheading. 

‘We don’t want to have a potential war with China,’ Trump said at the Oval Office Friday. ‘But I can tell you if we did, we’re very well-equipped to handle it. But I don’t want to show that to anybody. But, certainly, you wouldn’t show it to a businessman who is helping us so much. He’s a great patriot. He’s taken a big price for helping us cut costs, and he’s doing a great job.’

Musk and China could be a conflict of interest, given Tesla’s business dealings with China and SpaceX’s relationship with the Pentagon on military space capabilities. And an adversary like China learning details about the U.S. military’s war plans could put national security at risk and undermine U.S. forces. 

But Secretary of Defense Pete Hegseth said Musk’s meeting at the Pentagon centered around DOGE, innovation and other ways to advance efficiency, not China. 

‘There was no war plans. There was no Chinese war plans,’ Hegseth said at the White House Friday. ‘There was no secret plans. That’s not what we were doing at the Pentagon.’ 

Hegseth also announced plans Thursday to cancel more than $580 million in Department of Defense contracts, following recommendations from DOGE. 

The New York Times reported Thursday evening that Musk’s Pentagon briefing would involve a presentation with 20–30 slides on how the U.S. would combat China, various Chinese targets to strike and how the Pentagon would share these plans with Trump. 

The Times also reported the meeting would take place in the so-called Tank, a secure conference room reserved for the joint chiefs, senior staff and visiting combatant commanders. 

The Times report said details on China could have been shared with Musk amid his efforts leading DOGE and possible cuts to the Department of Defense. 

The White House referred Fox News Digital to Trump’s remarks when asked for comment about the nature of Musk’s briefing. 

Trump and Hegseth pushed back on the report Thursday, with Trump describing the report as ‘completely untrue.’ Hegseth also said in a post on X the meeting with Musk would primarily touch on innovation. 

In response to Hegseth’s post, Musk responded, ‘Exactly. Also, I’ve been to the Pentagon many times over many years. Not my first time in the building.’ 

Musk also said in a separate post he looks ‘forward to the prosecutions of those at the Pentagon who are leaking maliciously false information to NYT.’  

‘They will be found,’ he said. 

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Investors have closely watched Nvidia’s week-long GPU Technology Conference (GTC) for news and updates from the dominant maker of chips that power artificial intelligence applications.

The event comes at a pivotal time for Nvidia shares. After two years of monster gains, the stock is down 15% over the past month and 22% below the January all-time high.

As part of the event, CEO Jensen Huang took questions from analysts on topics ranging from demand for its advanced Blackwell chips to the impact of Trump administration tariffs. Here’s a breakdown of how Huang responded — and what analysts homed in on — during some of the most important questions:

Huang said he “underrepresented” demand in a slide that showed 3.6 million in estimated Blackwell shipments to the top four cloud service providers this year. While Huang acknowledged speculation regarding shrinking demand, he said the amount of computation needed for AI has “exploded” and that the four biggest cloud service clients remain “fully invested.”

Morgan Stanley analyst Joseph Moore noted that Huang’s commentary on Blackwell demand in data centers was the first-ever such disclosure.

“It was clear that the reason the company made the decision to give that data was to refocus the narrative on the strength of the demand profile, as they continue to field questions related to Open AI related spending shifting from 1 of the 4 to another of the 4, or the pressure of ASICs, which come from these 4 customers,” Moore wrote to clients, referring to application-specific integrated circuits.

Piper Sandler analyst Harsh Kumar said the slide was “only scratching the surface” on demand. Beyond the four largest customers, he said others are also likely “all in line looking to get their hands on as much compute as their budgets allow.”

Another takeaway for Moore was the growth in physical AI, which refers to the use of the technology to power machines’ actions in the real world as opposed to within software.

At previous GTCs, Moore said physical AI “felt a little bit like speculative fiction.” But this year, “we are now hearing developers wrestling with tangible problems in the physical realm.”

Truist analyst William Stein, meanwhile, described physical AI as something that’s “starting to materialize.” The next wave for physical AI centers around robotics, he said, and presents a potential $50 trillion market for Nvidia.

Stein highliughted Jensen’s demonstration of Isaac GR00T N1, a customizable foundation model for humanoid robots.

Several analysts highlighted Huang’s explanation of what tariffs mean for Nvidia’s business.

“Management noted they have been preparing for such scenarios and are beginning to manufacture more onshore,” D.A. Davidson analyst Gil Luria said. “It was mentioned that Nvidia is already utilizing [Taiwan Semiconductor’s’] Arizona fab where it is manufacturing production silicon.”

Bernstein analyst Stacy Rasgon said Huang’s answer made it seem like Nvidia’s push to relocate some manufacturing to the U.S. would limit the effect of higher tariffs.

Rasgon also noted that Huang brushed off concerns of a recession hurting customer spending. Huang argued that companies would first cut spending in the areas of their business that aren’t growing, Rasgon said.

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Nvidia CEO Jensen Huang on Thursday walked back comments he made in January, when he cast doubt on whether useful quantum computers would hit the market in the next 15 years.

At Nvidia’s “Quantum Day” event, part of the company’s annual GTC Conference, Huang admitted that his comments came out wrong.

“This is the first event in history where a company CEO invites all of the guests to explain why he was wrong,” Huang said.

In January, Huang sent quantum computing stocks reeling when he said 15 years was “on the early side” in considering how long it would be before the technology would be useful. He said at the time that 20 years was a timeframe that “a whole bunch of us would believe.”

In his opening comments on Thursday, Huang drew comparisons between pre-revenue quantum companies and Nvidia’s early days. He said it took over 20 years for Nvidia to build out its software and hardware business.

He also expressed surprise that his comments were able to move markets, and joked he didn’t know that certain quantum computing companies were publicly traded.

“How could a quantum computer company be public?” Huang said.

The event included panels with representatives from 12 quantum companies and startups. It represents a truce of sorts between Nvidia, which makes more traditional computers, and the quantum computing industry. Several quantum execs fired back at Nvidia after Huang’s earlier comments.

A third panel included representatives from Microsoft and Amazon Web Services, which are also investing in quantum technology and are among Nvidia’s most important customers.

Nvidia has another reason to embrace quantum. As quantum computers are being built, much of the research on them is done through simulators on powerful computers, like those that Nvidia sells.

It’s also possible that a quantum computer would require a traditional computer to operate it. Nvidia is working to provide the technology and software to integrate graphics processing units (GPUs) and quantum chips.

“Of course, quantum computing has the potential and all of our hopes that it will deliver extraordinary impact,” Huang said on Thursday. “But the technology is insanely complicated.”

Nvidia said this week that it will build a research center in Boston to allow quantum companies to collaborate with researchers at Harvard and the Massachusetts Institute of Technology. The center will include several racks of the company’s Blackwell AI servers.

Quantum computing has been a dream of physicists and mathematicians since the 1980s, when California Institute of Technology professor Richard Feynman first proposed the idea behind a quantum computer.

While classical computers use bits that are either 0 or 1, the bits inside a quantum computer — qubits — end up being on or off based on probability. Experts predict that the technology will be able to solve problems with massive amounts of possible solutions, such as deciphering codes, routing deliveries or simulating chemistry or weather.

No quantum computer has yet beat a computer at solving a real, useful problem. But Google claimed late last year that it discovered a way to do error correction.

One question at the panel centered around whether quantum computing might one day threaten companies like Nvidia that make computers based on transistors.

“A long time ago, somebody asked me, ‘So what’s accelerated computing good for?’” Huang said at the panel. Accelerated computing is a phrase he uses to refer to the kind of GPU computers that Nvidia makes.

“I said, a long time ago, because I was wrong, this is going to replace computers,” he said. “This is going to be the way computing is done, and and everything, everything is going to be better. And it turned out I was wrong.”

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Can the Nasdaq 100 rally to all-time highs or break down below key support? In this video, Dave uses probabilistic analysis to explore 4 possible scenarios for the QQQ over the next 6 weeks — from a super bullish surge to a bearish breakdown below the August 2024 low. Discover the key levels, potential market outcomes, and new trading perspectives to stay ahead of the market. Which scenario do you think is most likely?

This video originally premiered on March 17, 2025. Watch on StockCharts’ dedicated David Keller page!

Previously recorded videos from Dave are available at this link.