02:45 PM EDT, 06/24/2024 (MT Newswires) -- Microsoft's ( MSFT ) $1.5 billion investment in artificial intelligence firm G42 is a "positive development" after the United Arab Emirates-based firm cut ties with China's Huawei, a White House official said, Reuters reported Monday.

"The effort to work with Microsoft ( MSFT ) as an alternative to Huawei is generally a positive development and one that we want to encourage," White House technology adviser Tarun Chhabra reportedly said at an event hosted by the Council on Foreign Relations.

Microsoft ( MSFT ), G42, Huawei and The White House did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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