Core Viewpoint - The recent call by former President Donald Trump for Intel's CEO to resign due to alleged conflicts of interest has created additional turmoil for the company, which is already struggling to maintain its position in the AI era [1][2]. Group 1: CEO Controversy - Trump accused Intel's CEO, Lip-Bu Tan, of having serious conflicts of interest and demanded his immediate resignation without providing evidence [1]. - Senator Tom Cotton raised concerns about Tan's previous investments in China and his ties to Cadence, a company that admitted to violating U.S. export controls [2]. - Intel's board expressed support for Tan, emphasizing their commitment to U.S. national and economic security and ongoing significant investments aligned with the "America First" agenda [2]. Group 2: Market Reaction and Internal Disputes - Following Trump's comments, Intel's stock price fell by 3.1% to $19.77 [5]. - There are reported internal disagreements within Intel's board regarding Tan's strategies, particularly about whether to exit manufacturing and his attempts to raise funds for an AI acquisition [5]. - Tan, who took over as CEO in March, was expected to reverse Intel's recent decline but faces challenges due to the company's lagging position compared to competitors like Nvidia and TSMC [5]. Group 3: Industry Context and Political Implications - Intel is a significant beneficiary of the Chips and Science Act, having received nearly $8 billion in funding, but has delayed the opening of its Ohio chip manufacturing plant to at least the 2030s, which may contradict government goals [7]. - Trump's allies, including Senator Bernie Moreno, have also called for Tan's resignation, linking the situation to broader U.S. industrial policy [7]. - Analysts suggest that Tan's departure could create uncertainty regarding leadership succession, given his extensive industry knowledge and connections [6].

证券研究报告 | 宏观深度 2025 年 04 月 15 日 投资要点 分析师：罗志恒 执业编号：S0300520110001 电话：010-83755580 邮箱：luozhiheng@ykzq.com 分析师：马家进 执业编号：S0300522110002 电话：13645711472 邮箱：majiajin@ykzq.com 分析师：邓洪波 执业编号：S0300524070001 电话：18612595900 邮箱：denghongbo@ykzq.com 近期报告 《【粤开宏观】可以更加坚定地看好中国股 市》2025-04-08 《【粤开宏观】重新理解特朗普关税：中国 应对的三大原则和五大建议》2025-04-06 《【粤开证券】特朗普"对等关税"为何远 超市场预期？影响及下一步》2025-04-03 《粤开市场日报-20250325》2025-03-25 《粤开市场日报-20250324》2025-03-24 宏观研究 【粤开宏观】"双标"的美国产业政策： 类型、动因、效果及思考 摘要 特朗普指责其他经济体的经济和产业政策给美国出口造成了非关税壁垒，但 近些年美国自身却通过层出不穷的产业补贴大力扶持本 ...