On Point | Podcast How Trump is transforming the way corporations do business in the U.S.
Sep 4, 2025
Max Cherney, a tech correspondent specializing in semiconductors and AI, and Philip Nichols, a legal studies professor at Wharton, dive into Trump's striking influence on corporate operations. They discuss the president's unprecedented demands from businesses and the repercussions, such as Intel's CEO resignation. The conversation covers the shifting dynamics of government-corporate relations and the impact of the CHIPS Act on competitive positioning. Lastly, they explore how political uncertainty prompts companies to rethink their strategies in today's turbulent landscape.
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President's Public Demand And Reversal
- President Trump publicly demanded Intel CEO Pat Gelsinger resign and then reversed course after a White House meeting.
- The market reacted sharply: Intel shares plunged then recovered after the meeting and new statements.
Reporting Triggered Political Scrutiny
- Max Cherney's reporting found Pat Gelsinger held hundreds of investments in Chinese companies and earlier Cadence legal issues amplified concerns.
- Those facts sparked Senator Tom Cotton's scrutiny and public pressure on Intel's leadership.
Grants Converted Into Government Equity
- The White House converted roughly $8.9 billion of CHIPS Act grants into a 10% equity stake in Intel.
- That conversion removed milestone requirements and diluted existing shareholders while signaling strong government backing.
