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If you're trying to connect the dots behind the headlines, Bloomberg's Trumponomics podcast

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Bloomberg Tech is live from coast to coast with Caroline Hyde in New York and Ed Lovello in San Francisco.

This is Bloomberg Tech coming up.

Intel plunges after the chipmaker warned it struggling with manufacturing

problems.

As China's largest tech firms get an initial green light from Beijing to start preparing orders

for NVIDIA-I chips.

And after years of drama, it comes to an end as TikTok and its Chinese parent bite dance close a deal to operate in the US? Let's look right now, though, at US markets. As we close up this week, a volatile trading week, to say the very least, consumed by geopolitics to start. And we end with a little bit of green on our screens to the NASDAQ 100. We're up 5 tenths a percent, six tenths percent. You can see the clawback that happened post-Davos speech and post-President Trump really taking his line of sight away from Greenland by force at least. But Ed, it's all about the chip stocks today and you're digging into them. So Intel is down a lot. And it's because of a sales outlook for the current period that at

the midpoint was below investor expectations on track for its biggest drop since August of 2022.

But remember, this was a stock that just in the few weeks we've had of 2026 was up 47% as of

yesterday's close.

The problems are in supply, but specifically in execution.

Let's get to Bloomberg's Chips reporter, Ian King.

And Ian, you and I spoke with Intel's CEO, Lit Bhutan, on the telephone.

...