TSMC could address Mr. Trump’s demands by simply building more manufacturing capacity in the United States, said Stacy Rasgon, a semiconductor analyst at Bernstein Research. TSMC, which received up to $6.6 billion in grants from the CHIPS Act, is building three factories in Arizona and has the ability to expand there.

With geopolitical tensions reshaping the semiconductor landscape, Intel's future hinges on decisions made by its board, the Trump administration, and Wall Street investors eyeing its assets. But inside Intel,