President Donald Trump’s administration has approved the potential sale of nearly 50 F-35 fighter jets to Saudi Arabia worth $24.3 billion, a move viewed as significant support for the kingdom as Iran-backed Houthi attacks in Yemen grow more intense.

Announced Thursday, the package calls for the sale of 48 Lockheed Martin F-35s, the world’s most advanced combat aircraft, along with 49 Pratt & Whitney engines and additional components.

The State Department said the proposed transfer would advance U.S. foreign policy and national security objectives by strengthening a major non-NATO ally described as a contributor to political stability and economic progress in the Gulf.

The decision follows a recent surge in Houthi attacks on Saudi targets and a rapid ground offensive aimed at gaining control of the Bab el-Mandeb Strait, a strategically important chokepoint for oil shipments.

The Trump administration said the agreement would enhance Riyadh’s ability to deter existing and future threats while ensuring the deal would “not alter the military balance in the region.” That position reflects the United States’ longstanding policy of preserving Israel’s military advantage over potential Middle Eastern rivals.

Congress has 30 days to review or try to block the proposal, and several lawmakers have already voiced objections.

Representative Raja Krishnamoorthi, D-Ill., said the United States should not proceed with the sale while “our own intelligence community is warning that it could put the crown jewels of American military technology within reach of the Chinese Communist Party.”

Krishnamoorthi wrote on social media, “We must not sell our most advanced fighter jet anywhere the CCP may be able to get its hands on the technology inside it.”

Congress has previously raised objections to arms sales to Riyadh following the 2018 killing of Saudi journalist Jamal Kohsoggi, a prominent critic of the kingdom.

In May last year, Trump praised Saudi Arabia and its leadership after the White House announced that the kingdom would invest $600 billion across a range of agreements with the United States.

One agreement was a nearly $142 billion defense-sales package that the White House said would supply “state-of-the-art warfighting equipment and services from over a dozen U.S. defense firms.”

Trump, who maintains a close relationship with Saudi Crown Prince Mohammed bin Salman, welcomed the crown prince to the White House in November.

Warren Buffett is stepping down as chairman of Berkshire Hathaway

Buffett will become chairman emeritus, effective immediately, while remaining a director on the board, the company said in a separate announcement. His son Howard Buffett will replace him as chairman, as dictated by a long-standing succession plan, Berkshire said. Susan Decker will continue as lead independent director.

“Father Time always wins,” wrote Buffett. “He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead.”

His decision comes a little more than nine months after Greg Abel took over as CEO while Buffett retained the chairmanship. Buffett first announced his exit as CEO at Berkshire’s annual meeting in May 2025, shocking the crowd of thousands at the time despite his advanced age.

“The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian,” Abel said in the company release.

“Greg runs the company; Howard will guard its culture and values — both worth more than anything on our balance sheet,” Buffett wrote. “Think of Howard as a policy the shareholders own and hope never to claim against.”

Buffett’s legacy in building the Omaha, Nebraska-based Berkshire is unparalleled in corporate America. He took over a failed New England textiles mill at the tender age of 34 and transformed it over the next six decades into a financial and industrial juggernaut with $44.5 billion in operating earnings last year and nearly 400,000 employees. Berkshire under Buffett’s tenure posted a 19.7% compounded annual return to shareholders, nearly double the return of the S&P 500.

Active chairman

As chairman this year, Buffett remained active within the company. Abel told CNBC in March that Buffett was still coming into the Omaha office every day and the CEO still frequently consulted with him.

In May, Buffett attended the company’s celebrated annual meeting, making some brief remarks from his seat and giving an interview with CNBC’s Becky Quick. It was the first “Woodstock for Capitalists” — as the meeting came to be known — not presided over by Buffett, but instead by Abel.

In July, Buffett revealed to CNBC that he was the driving force behind Berkshire’s recent big investment in Alphabet

In that same interview, Buffett noted that he had broken his leg a few weeks earlier but was recovering.

Buffett acknowledged his growing limitations because of his age as he was getting ready to hand the reins over to Abel last year. In a Thanksgiving letter to shareholders, he wrote, “To my surprise, I generally feel good. Though I move slowly and read with increasing difficulty, I am at the office five days a week.”

In the Friday letter, Buffett joked about it.

“Recently, I celebrated my 96th birthday with family and friends, including one of my great-grandchildren, who had just turned one. He’s moving a bit faster than I am these days,” he wrote.

Berkshire’s 2026 underperformance

Berkshire shares have struggled this year and Buffett’s exit as chairman raises the stakes for Abel further to perform. The stock is up just 1% in 2026 as the S&P 500 has rallied more than 11%. Rising oil prices and investors’ preference for higher growth parts of the market are partly to blame, but shareholders are also waiting to see whether the new CEO can be as adept as Buffett in deploying the firm’s sizable capital.

For now, investors would likely be happy with Abel using some more of the company’s $365.5 billion cash hoard to buy back more Berkshire shares. He has begun to do just that, stepping up repurchases to $4.5 billion in the second quarter.

Berkshire’s largest shareholder praised the job done by Abel so far in his Friday letter: “My expectations for him were sky high from the start, and he has exceeded them.”

“The company is in excellent hands, and I look forward to remaining a shareholder alongside you,” Buffett said in closing.

When reached for comment by CNBC, Abel said: “Warren described in his letter today how his role at Berkshire has been ‘the best job in the world.’ He gave me an extraordinary responsibility — the best job in American business — and then the latitude to lead in a manner consistent with Berkshire’s culture and values. I look forward to continuing to work alongside Warren, with Howard serving as Chairman and Sue as Lead Independent Director, and I am grateful for that opportunity.”

It could be a good time for investors to lock in attractive income in bonds, although selectivity is key. The Federal Reserve hiked interest rates on Wednesday, bringing the fed funds rate to 3.75% to 4%. It also signaled one more increase by the end of the year. While the 10-year Treasury yield initially moved above 5% after the announcement, it was slightly lower Thursday at around 4.95%. Bond yields move inversely to prices. “I’m not sure we’ve seen the top in yields,” said Brian Rehling, co-head of global fixed income and digital asset strategy at Wells Fargo Investment Institute. “I think the Fed probably has more work to do.” Bond yields, particularly on the 10- and 30-year Treasurys, had already been moving higher prior to the Fed decision, thanks to concerns about inflation, bond supply from artificial intelligence companies and the rising government deficit. Investors seeking total return, which includes price appreciation and income, may want to stick with equities right now since bond yields are expected to move higher, said Rehling. However, income-seeking investors can snap up some solid yields. “If you don’t care as much about the market price movement, and you can pick up 5%-plus yield … in investment grade or high yield [bonds],” he said, “that’s attractive because even if you have some price deterioration, you do have the coupon that cushions your total return.” Matthew Palazzolo, senior investment strategist at Bernstein Private Wealth Management, also thinks the recent move higher in Treasury yields is a great opportunity for income investors. “That just pushes up overall rates and provides them with a nicer amount of income. And importantly, and as we’ve been saying for our clients, this provides an attractive entry point,” he said. Income opportunities Investment-grade corporate bonds make a lot of sense right now because the economy is expected to continue doing well and corporate fundamentals remain strong, Rehling said. Investors can also add some exposure to high-yield, but they should stick with higher-rated companies since the elevated yields are going to be a drag on the weakest names, he added. He would also stay with shorter-maturity bonds, two years or less — and no more than five years. For its part, the UBS chief investment office sees select opportunities across regions and market segments. “Investors should calibrate both credit risk and duration to their objectives and investment horizons,” wrote Ulrike Hoffmann-Burchardi, chief investment officer for the Americas and global head of equities at UBS Financial Services. He suggests investors consider selectively adding duration in high-quality bonds. “Alongside attractive income, these securities have scope for price gains if tighter monetary policy slows growth or reduces longer-term inflation expectations, leading yields to decline” as bond prices rise, he said. Investment-grade corporates offer attractive income at intermediate maturities, while higher-risk credit — such as high-yield and emerging market bonds — should have short-dated exposure, he added. Tax-free yields This is also a good time to buy municipal bonds, said Bernstein’s Palazzolo. Munis are free of federal tax, and, if the holder lives in the state in which the bond is issued, exempt from state taxes as well. “To buy municipals here, yielding the levels that they are, [you are] not only starting with a nice beginning level of income, but even if rates begin to move higher still, you’re protected against that duration because you’re collecting a good amount of income,” he explained. He tends to favor muni portfolios that have a duration of about six years, with nice income and little interest-rate sensitivity. No ‘immediate’ return to 60/40 In addition to income, bonds may also provide ballast in broader portfolio. “Higher starting yields reinforce bonds’ role as a key source of portfolio income, while high-quality bonds can provide valuable diversification if economic growth slows,” Hoffmann-Burchardi at UBS said. Goldman Sachs is wary of the 10-year Treasury right now and doesn’t see an immediate return to a traditional 60/40 portfolio. “We see a case for a return to more ‘normal’ strategic bond allocations but the tactical case for adding long-dated bonds is mixed,” Goldman analyst Christian Mueller-Glissmann said in a note Thursday. Energy bottlenecks and central bank policy will likely drive both bonds and stocks in the near term, with rate relief supporting both but yield increases weighing more on equities. “That said, over longer horizons, higher starting yields should lift optimal bond allocations from the unusually low levels of the past five years towards historical norms,” he wrote.

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