Good morning. Intel shares fell over 3% after President Trump called on the company’s chief executive to resign because of his past ties to China, the latest challenge to hit the troubled chip maker.

• ‘Highly conflicted’: “The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem,” Trump wrote in a post on Truth Social Thursday. 
   
• China connection: Trump appeared to be referencing Intel CEO Lip-Bu Tan’s past business dealings in China, which Sen. Tom Cotton (R., Ark.) called out in a letter to the company’s board earlier this week. Several other senators amplified the comments and called for Tan’s resignation.
   
• Company response: Intel said Tan and the company “are deeply committed to advancing U.S. national and economic security interests.”
   
• Under pressure: The attack on Intel highlighted the pressure Trump is applying to corporate executives across sectors to get the outcomes he wants in his second term, analysts said.

Also: Five Things to Know About the Intel CEO’s Links to China

Trump shakes up Wall Street with orders on 401(k)s, ‘debanking.’

A pair of executive orders President Trump signed Thursday showed how he is beginning to reshape the world of banking and high finance—some in ways Wall Street likes, and others it feared.

One order seeks to make it easier for everyday Americans to invest their retirement savings in assets that lie outside public markets, such as private equity, cryptocurrency and private real estate. A second order directs regulators to look into whether banks discriminate on political or religious grounds, and take disciplinary action against those found to have done so.

Crypto firm Paxos to pay $48 million to settle New York probe.

Cryptocurrency company Paxos has agreed to a $48 million settlement with the top New York financial regulator over allegations of compliance failures, particularly in relation to a partnership with crypto exchange Binance.

The New York Department of Financial Services alleged Paxos, which provides blockchain infrastructure for crypto projects and tokens, had inadequate anti-money-laundering controls. The regulator also alleged Paxos failed to conduct sufficient due diligence on Binance when it agreed to market and distribute Binance USD, a fiat-backed stablecoin Paxos issued and listed.

• DraftKings is keeping its cards close to its chest when it comes to its view on prediction markets. Prediction markets are facing considerable controversy as they gain traction.
   
• Everyone is along for the crypto ride now, even if it ends badly.
   
• The California Privacy Protection Agency is investigating retailer Tractor Supply for possible violations of the state’s 2018 privacy law.
   
• GSK said it would receive $370 million as part of a U.S. patent settlement between CureVac and BioNTech related to messenger mRNA-based Covid-19 vaccines.
   
• The European Union’s Court of Justice dismissed an appeal by Elena Timchenko challenging EU sanctions imposed on her as the wife of sanctioned Russian billionaire Gennady Timchenko.

GM will import EV batteries from China’s CATL despite tariffs.

General Motors plans to import batteries from China, despite steep tariffs imposed by President Trump, to power its second-generation Chevrolet Bolt electric vehicle, a supply-chain Band-Aid for a company that touts extensive investments in U.S. battery manufacturing.

GM will buy the batteries from China’s Contemporary Amperex Technology, one of the world’s largest battery makers, for about two years until the Detroit automaker and its Korean partner LG Energy Solution can stand up their own manufacturing of the lower-cost batteries in the U.S., according to people familiar with the plan.

Last month, U.S. lawmakers demanded JPMorgan Chase and Bank of America produce documents related to their roles in CATL’s initial public offering, saying its dominance is a U.S. national security risk.

Putin says meeting with Trump could be held in U.A.E.

Russian President Vladimir Putin said he could meet President Trump in the United Arab Emirates after a Kremlin adviser confirmed Russia was planning for the summit in the coming days.

Trump has expressed increasing frustration with Putin in recent weeks over Russia’s unwillingness to bring the Ukraine war to an end. The president had given Moscow a shorter deadline to start making meaningful moves toward peace or face secondary sanctions through a 100% tariff on countries that purchased Russian oil.

• Ukraine Repels a Russian Offensive

• President Trump assigned 15% tariff rates for many trading partners, which kicked in on Thursday.
   
• Switzerland said it would continue U.S. trade negotiations but doesn't expect quick solutions, after the Trump administration hit it with one of the world’s highest tariff rates.
   
• Israel’s security cabinet approved a plan for the military to take control of Gaza City after Prime Minister Benjamin Netanyahu pledged to take over the entire enclave, a gamble that defies international pressure to end the war and lacks broad domestic support.
   
• Companies that export chips to the U.S. from the European Union will face a 15% tariff ceiling even after President Trump announced fresh levies on semiconductors coming into the country, the EU said.

• OpenAI on Thursday announced the release of GPT-5, its most advanced AI model, a culmination of more than two years of development that saw a series of setbacks and delays.
   
• President Trump asked the Commerce Department to start working on a census that will exclude immigrants who entered the U.S. illegally.
   
• A North Korean man defected to South Korea after he swam down the peninsula’s coast while wrapped in plastic foam.

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