Intel (英特尔) China head Chen Liwu: “Thanks to President Biden, Jensen Huang and Masayoshi Son — they also made money”

Key remarks

It has been reported that Chen Liwu (陈立武), Intel’s China head, publicly thanked U.S. President Joe Biden, NVIDIA’s Jensen Huang and SoftBank’s Masayoshi Son for what he described as their support — and added pointedly that “they also made money.” The comments, carried by Chinese outlet ifeng, underline how geopolitics and market forces have become intertwined in the global semiconductor boom. Who benefits from industrial policy? Chen’s remark was a blunt answer.

Why it matters

Chen’s comments come at a time when U.S. trade policy and export controls have reshaped the chip industry. The Biden administration’s CHIPS Act and restrictions on certain high-end semiconductor exports to China were designed to bolster domestic production and national security. The result: large U.S. chipmakers and major investors have seen strong commercial gains. It has been reported that Chen’s tone reflected both appreciation and a recognition that policy-driven winners have profited handsomely.

Broader context

For Western readers unfamiliar with China’s tech landscape, the exchange highlights an uncomfortable fact: industrial policy can create winners abroad as well as at home. NVIDIA (英伟达) surged on AI demand, and SoftBank (软银) has been a high-profile investor in tech winners — developments that complicate Beijing’s calculus as it seeks technological self-reliance. Intel (英特尔) itself must navigate market opportunity, regulatory pressure and a fraught U.S.-China relationship.

Takeaway

Chen’s quip is short and sharp, but it raises longer questions. Will Beijing accelerate compensating measures to support domestic champions? Or will firms like Intel continue to operate in a middle ground between cooperation and competition? The chip industry’s next moves will answer that — and investors, politicians and executives on both sides are watching closely.