Trump Trade: President files suit against JPMorgan, Dimon

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly.

LAWSUIT: President Donald Trump has filed a $5B lawsuit in Florida state court against JPMorgan Chase (JPM) and CEO Jamie Dimon, alleging the bank debanked him and his hospitality companies for political reasons, Brooke Singman of Fox News reports. The complaint cites JPMorgan’s code of conduct, arguing the bank failed to uphold its stated commitment to integrity and ethical conduct. “We set high expectations and hold ourselves accountable. We do the right thing-not necessarily the easy or expedient thing. We abide by the letter and spirit of the laws and regulations everywhere we do business and have zero tolerance for unethical behavior,” the lawsuit states, adding that “Despite claiming to hold these principles dear, JPMC violated them by unilaterally-and without warning or remedy-terminating several of Plaintiff’s bank accounts.”

NO MERIT: JPMorgan issued a statement, saying that “While we regret President Trump has sued us, we believe the suit has no merit. We respect the President’s right to sue us and our right to defend ourselves – that’s what courts are for. Our company does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company. We regret having to do so, but often rules and regulatory expectations lead us to do so. We have been asking both this Administration and prior administrations to change the rules and regulations that put us in this position, and we support this Administration’s efforts to prevent the weaponization of the banking sector.”

TIKTOK: TikTok USDS Joint Venture has been established in compliance with the executive order signed by President Trump on September 25, now enabling more than 200M Americans and 7.5M businesses to continue TikTok’s experience. The majority American owned joint venture will operate under defined safeguards through data protections, algorithm security, content moderation and software assurances for U.S. users. TikTok USDS Joint Venture’s mandate is to secure U.S. user data, apps and the algorithm through data privacy and cybersecurity measures. U.S. user data will be protected by USDS Joint Venture in Oracle’s (ORCL) secure U.S. cloud environment. The Joint Venture will operate a data privacy and cybersecurity program that is audited and certified by third party cybersecurity experts. The program will adhere to the National Institute of Standards and Technology CSF and 800-53 and ISO 27001 as well as the Cybersecurity & Infrastructure Security Agency Security Requirements for restricted transactions.

The Joint Venture will operate as an independent entity governed by the following seven-member, majority-American board of directors: Shou Chew, director, is the CEO of TikTok, where he leads the company’s global businesses and strategy; Timothy Dattels, director, Timothy Dattels is a senior advisor to TPG Global (TPG); Mark Dooley, director, is a managing director at Susquehanna International; Egon Durban, director, is co-CEO of Silver Lake; Raul Fernandez, independent director and chair of the security committee, is president and CEO of DXC Technology and a member of its board of directors; Kenneth Glueck, director, is executive VP in the office of the CEO at Oracle; David Scott, director and Security Committee, is chief strategy and safety officer at MGX. The joint venture will be led by Adam Presser, who was appointed as CEO by the board as one of its first actions.

TikTok USDS Joint Venture has three managing investors, Silver Lake, Oracle and MGX, each holding 15%. Completing the full consortium of investors are: Dell Family Office, the investment firm of Michael Dell, founder, chairman and CEO of Dell Technologies (DELL); Vastmere Strategic Investments, an affiliate of Susquehanna International; Alpha Wave Partners; Revolution; Merritt Way, controlled and managed by partners of Dragoneer; Via Nova, an affiliate of General Atlantic; Virgo LI, Inc., investment arm of a foundation established by Yuri and Julia Milner and NJJ Capital, the family office of Xavier Niel. ByteDance retains 19.9% of the Joint Venture. The safeguards provided by the joint venture will also cover CapCut, and Lemon8, and a portfolio of other apps and websites in the U.S.

CHIP INVESTMENT: Taiwan President Lai Ching-te said Taiwan expects increased semiconductor investment in Arizona to strengthen ties with the U.S., highlighting TSMC’s (TSM) presence as a key example of bilateral industrial cooperation, Reuters’ Ben Blanchard and Yi-Chin Lee report. The comments come as President Donald Trump continues to push major chipmakers to expand U.S. investment, particularly in AI-related semiconductors. “We look forward to even more semiconductor manufacturing, research and development facilities springing up in the greater Phoenix area. This will continue to strengthen Taiwan-U.S. relations,” Lai said. Publicly traded companies in the space include AMD (AMD), Intel (INTC), Marvell (MRVL), Microchip (MCHP), Micron (MU), Nvidia (NVDA), Qualcomm (QCOM) and Texas Instruments (TXN).