Most Important News

1. US Moves to Limit Trump’s Iran War Powers as New Deal Possible;
2. SpaceX IPO Set for June 12 at $135 Per Share;
3. KINGDOM (4280) Updates on SpaceX Stake;

At the close of 3/6/2026, the Tadawul All Shares Index(TASI.SA) decreased by 0.12%, closing at 11002.04 points; the Parallel Market Capped Index (NomuC)(NOMUC.SA) rose by 0.18%, closing at 23006.67 points.

As of Wednesday’s close, the S&P 500 index(SPX.US) decreased by 0.74%, the NASDAQ(IXIC.US) fell by 0.89%, and the Dow Jones Industrial Average(DJI.US) decreased by 1.21%.

US Moves to Limit Trump’s Iran War Powers as New Deal Possible

The US House voted to restrict Trump’s military actions against Iran. Trump said a new Iran deal could happen this weekend, reopening the Strait of Hormuz and ending Iran’s nuclear ambitions. He warned he may end the ceasefire if US troops are killed but prefers to avoid a wider conflict.

SpaceX IPO Set for June 12 at $135 Per Share

SpaceX will go public on June 12 at $135 per share, valuing the company at $1.77 trillion. Musk will retain 84.4% voting power. If shares rise just 2.2% to $138, Musk could become the world’s first trillionaire.

Saudi Non-Oil Business Activity Grows in May as PMI Hits 3-Month High

Saudi Arabia’s non-oil business activity expanded in May, with the Riyad Bank PMI rising to 52.8 from 51.5, its highest in three months. The rebound was driven by the revival of delayed projects, stronger domestic demand, and improved supply chains, despite subdued new orders and declining export demand. Inflation stayed low at 1.7%. Employment returned to growth, and firms expect continued expansion for the rest of 2026, supported by Vision 2030 initiatives and stable economic conditions.

KSA Stocks

Shalfa Wins SAR 61.2M Tourism Ministry Facilities Contract

Shalfa Facilities Management Co.(9613.SA) signed a SAR 61.2 million, 36-month contract with Saudi Arabia’s Ministry of Tourism for operations, maintenance, and cleaning of ministry buildings and warehouses in Riyadh. The deal will impact Shalfa’s financial results from H2 2026.

Atlas Elevators Approves SAR 5.8M Dividend, Auditor Appointment

Atlas Elevators General Trading and Contracting Co.(9578.SA) approved a SAR 5.85 million cash dividend (SAR 1 per share, 10% of capital) for 2025, with payouts starting June 16, 2026. Shareholders also appointed RSM as 2026 auditor and approved related-party transactions with the Managing Director.

Kingdom Holding Updates on SpaceX Stake as IPO Nears

Kingdom Holding Co.(4280.SA) updated its SpaceX investment, holding a 0.34% stake valued at SAR 16.76 billion (USD 4.47 billion) as of March 2026. If SpaceX lists at a $1.75 trillion valuation, the stake’s value could rise to SAR 21.26 billion (USD 5.67 billion). Chairman Prince Alwaleed Bin Talal also personally owns about 0.29% of SpaceX.

USA Stocks

Broadcom Shares Plunge as AI Outlook Disappoints Despite Record Revenue

Last quarter, Broadcom Limited(AVGO.US) revenue jumped 48% to a record $22 billion, beating estimates, with semiconductor business up nearly 80% thanks to AI demand. Adjusted EPS surged over 50%. However, AI revenue guidance for next quarter ($16 billion) was 7% below expectations, and full-year AI chip sales outlook ($56 billion) missed consensus by 3%. Broadcom plans to deploy 1.3GW for OpenAI by 2027 and deliver 1GW to Meta in the second half of the year.

Meta Launches AI Customer Service Agent, Plans $200/Month "Hatch" AI Tool

Meta Platforms(META.US) has launched "Meta Business Agent," an AI tool that helps businesses reply to customer messages on WhatsApp and Messenger. Over 1 million businesses are already using it. Meta is also considering launching a consumer AI tool, tentatively named "Hatch," with premium plans priced up to $200 per month, directly competing with top AI providers.