The close collaboration with Huawei on the new model, the V4, contrasts with DeepSeek's past reliance on Nvidia's AI chips.

Tim Cook will be replaced by company veteran John Ternus, who joined Apple’s product design team in 2001 and rose to become senior vice president of hardware engineering over the following two decades.

"The last time we saw similar signals was during the severe 2015 to 2016 El Nino," a meteorologist has said.

The investment comes just days after e-commerce giant Amazon said itwill invest up to $25 billion in the artificial intelligence (AI) startup.

Meta is locked in a bitter rivalry with other tech behemoths racing to invest heavily in AI, aiming to ensure the technology generates profits in the not-so-distant future.

The EU unveiled in March new "Made in Europe" rules for companies trying to access public funds in strategic sectors including cars, green tech and steel, obliging firms to meet minimum thresholds for EU-made parts.

Sanctions experts have long said, however, that the independent refineries are somewhat immune to the full effect of US sanctions as they have little exposure to the US financial system.

Oil climbed on Monday as stalled US-Iran peace talks prolonged the disruption of Middle East energy exports, while renewed excitement about artificial intelligence spending drove up chip stocks at the beginning of a week where war, central banks and tech earnings are in focus.

Iran on Wednesday captured two container ships seeking to exit the Gulf via the Strait of Hormuz, tightening its grip on the crucial waterway, as investors watch if the fragile ceasefire in the Middle East will hold.