Good morning, CFOs. Intel’s Lip-Bu Tan faces pressure to step down; Trump will nominate Stephen Miran to a Fed vacancy; the Bank of England cuts rates again; and OpenAI unveils GPT-5.

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.

“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.

The president is committed to making sure leaders in cutting-edge sectors can be trusted by Americans, a White House official said.

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.

The pressure from Washington comes about five months after Tan took over to turn around the company and could add to its challenges.

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

📆 Earnings

• AMC Networks
• Under Armour
• Wendy’s

President Trump said he would nominate Stephen Miran, the head of the White House Council of Economic Advisers, to fill a vacancy on the Federal Reserve’s board of governors on a short-term basis.

Trump tapped Miran in December to lead the CEA, and he was confirmed by the Senate to his current post in March.

• The Bank of England lowered its key interest rate for the fifth time in a year as it seeks to balance a recent pickup in inflation against a cooling jobs market, a challenge that also confronts the Federal Reserve.
• 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.

📈 Earnings wrapup

• Eli Lilly Shares Slide as Weight-Loss Pill Results Dent Enthusiasm
• ConocoPhillips Posts Lower Earnings as Oil Prices Fall
• Burger King-Owner Restaurant Brands Profit Squeezed by Higher Costs
• Warner Bros. Discovery Tops Revenue Estimates, Swings to Profit
• Ralph Lauren Net Up as Company Boosts FY26 Sales View
• Take-Two Interactive Software Raises Fiscal-Year Outlook on Improved First-Quarter Results
• Instacart Nearly Doubles Second-Quarter Profit on Increased Orders
• Peloton Swings to Profit But Sees Sales Decline
• Krispy Kreme Loss Widens on Impairments While Sales Fall
• Crocs Shares Pummeled After Guiding For Sales Decline

📰 Other headlines

• OpenAI Unveils GPT-5, Its Latest and Most Powerful Model, After Two-Year Wait
• Trump Shakes Up Wall Street With Orders on 401(k)s, ‘Debanking’
• DraftKings Walks Fine Line on Prediction-Markets Debate as Investor Interest Grows
• Exclusive: GM Will Import EV Batteries From China’s CATL Despite Tariffs
• Apple Got the Jump on Tariffs, Deciding Years Ago to Make iPhones in India
• Delta and Alaska Air Square Off in Battle for Seattle
• Jamie Dimon Took a Bus Tour Down South. We Rode Along.
• Trump Is Making CEOs’ Business His Business

Warby Parker, the New York-based eyewear maker, said its Chief Financial Officer Steve Miller is resigning as of Oct. 1 to pursue another opportunity. Dave Gilboa, the co-chief executive officer, will take over on an interim basis until a successor is named.

—Josee Rose contributed to today’s Ledger.

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