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For Immediate Release
July, 23 2025, 06:09pm EDT
Contact:
Jeremy Funk, press@accountable.us
Watchdog: Amid 'AI Summit', Commerce Sec. Lutnick's Family Business Conveniently Holds $1.1B Stake in AI Chip Companies Benefiting From Lax New Administration Trade Agreement
President Trump's ‘AI Summit’ today comes on the heels of major AI industry news last week that Nvidia—which controls over 90% of the AI chip market—celebrated assurances from the Trump administration that it could resume sales of its H20 AI chip in China, after the administration placed export controls on the chip over national security concerns. Meanwhile, semiconductor company AMD also reported that the Commerce Department said its MI308 chip export license was “moving forward.” The administration’s softer stance was also no doubt cause for celebration for the family of Trump Commerce Secretary Howard Lutnick, which holds a massive financial stake in both Nvidia and AMD.
A new analysis from government watchdog Accountable.US finds that Lutnick’s family business empire, Cantor Fitzgerald, reported over $886 million in Nvidia positions in Q1 2025, while Lutnick played a prominent role in lifting the administration’s trade restrictions -- even arranging a meeting between Trump and Nvidia’s CEO. Additionally, Lutnick’s family business reported positions of over $230 million in AMD, which said Lutnick’s Commerce Dept. would likely lift China trade restrictions on one of its own advanced chips.
Accountable.US Executive Director Tony Carrk: “Trump’s billionaire Commerce Secretary Howard Lutnick once again played a central role in administration trade policy that just so happened to set up his family business for a massive pay day. Alarmingly, it has become the norm for the President and his cabinet to use their positions of power to drive more money into their own pockets while defending Trump’s brutal budget cuts, robbing millions of working Americans and seniors of basic health care and food security.”
The Trump Commerce Department’s 180 on Chinese export controls for AI is just the latest case of the heavily conflicted Secretary Lutnick playing a central role in Trump administration policy that coincidentally benefits his family business empire. In March, Lutnick told a national TV audience to buy Tesla stock, as his family business reportedly held approximately $840 million in the company. In May, Lutnick’s family increased its stake in the largest corporate Bitcoin holder, to a total of $1.3 billion, as Lutnick helped establish President Trump’s Strategic Bitcoin Reserve.
By temporarily divesting from Cantor Fitzgerald while he serves the Trump White House, Secretary Lutnick would have the public believe that the arrangement grants him plausible deniability regarding how administration policy could benefit his family's business empire. Beyond the implausibility of Lutnick never comparing notes with his 20-something-year-old sons in ‘control’ of the company, “nearly two dozen current and former employees and associates” of Lutnick’s have stated that the billionaire’s “grip on his various businesses is bolted tight.”
Accountable.US is a nonpartisan watchdog that exposes corruption in public life and holds government officials and corporate special interests accountable by bringing their influence and misconduct to light. In doing so, we make way for policies that advance the interests of all Americans, not just the rich and powerful.
LATEST NEWS
'I Don’t Let Bullies Win': Ilhan Omar Assaulted at Town Hall Amid Repeated Trump Attacks
"Here's the reality that people like this ugly man don't understand," said the Democratic lawmaker following the attack. "We are Minnesota strong and we will stay resilient in the face of whatever they might throw at us."
Jan 27, 2026
Democratic Congresswoman Ilhan Omar of Minnesota was assaulted on Tuesday evening during a town hall event in Minneapolis by a man who squirted some kind of liquid from a syringe on the lawmaker amid heightened tensions in the state and following a series of baseless allegations and intensifying insults directed at her by US President Donald Trump.
During public remarks to local constituents—just as she called for ICE to be abolished and that Secratary of Homeland Security Kristi Noem should "resign of face impeachment"—video footage of the attack shows a man wearing a black jacket sitting in the front row abruptly rise from his seat and lunge toward Omar's podium as he sprays something at her with a syringe in his right hand.
While apparently unharmed, Omar first backs away before charging at the man, before he is tackled by security, and other bystanders intervene.
Watch:
Rep. Ilhan Omar (D-MN) assaulted during town hall meeting: "Here's the reality that people like this ugly man don't understand; we are Minnesota strong and we will stay resilient in the face of whatever they might throw at us." pic.twitter.com/Ud5l3yP4lQ
— CSPAN (@cspan) January 28, 2026
"Oh my god," someone off camera can be heard saying, "He sprayed something on her."
Maintaining her composure after the man was subdued, Omar said, "Here's the reality that people like this ugly man don't understand; we are Minnesota strong, and we will stay resilient in the face of whatever they might throw at us."
According to the Star Tribune:
Minneapolis police said officers saw a man use a syringe to spray an unknown liquid at Omar. They immediately arrested him and booked him at the county jail for third-degree assault, spokesperson Trevor Folke said in an email. Police also said forensic scientists responded to the scene.
Omar continued the town hall after the man was ushered out of the room by her security detail, saying she would not be intimidated. Journalists said there was a strong, vinegar-like smell when the man pushed on the syringe.
Walking out afterward, Omar said she felt a little flustered but was not hurt. She was going to be screened by a medical team.
Over recent weeks—as Minnesota has been the focus of nationwide outrage due to the authoritarian tactics used by federal immigration agents deployed and the killing of two observers, Renee Good and Alex Pretti—Trump, a racist, has repeatedly targeted Omar with false suggestions that she has perpetrated fraud due to her personal financial disclosures and used her Somali heritage to insult her as a "garbage person."
"I’m ok. I’m a survivor so this small agitator isn’t going to intimidate me from doing my work," Omar said in a post shortly after the incident. "I don’t let bullies win. Grateful to my incredible constituents who rallied behind me. Minnesota strong."
Many credited Omar for her fortitude in the face of the attack, both during and after.
"llhan is toughest lawmaker in Congress," said journalist Pablo Manríquez. "No one gets more hate, then goes right back to doing the work."
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'The US Is Becoming a Pariah': Trump Officially Ditches Paris Agreement, Again
"Trump is trying to drag the rest of the world backwards by launching conflicts for oil and bullying other countries into deepening their reliance on dirty, dangerous fossil fuels," warned one campaigner.
Jan 27, 2026
President Donald Trump faced a fresh flood of fury on Tuesday as he formally withdrew the United States from the Paris Agreement a second time, part of the broader anti-climate agenda he's pursued since returning to power.
The US initially completed the one-year withdrawal process in November 2020, as ballots from the general election were still being counted. After winning the race, former President Joe Biden swiftly rejoined the climate treaty, but Trump reclaimed the White House four years later—with help from Big Oil—and moved to abandon the pact again on his first day back in the Oval Office.
"Thanks to President Trump, the US has officially escaped from the Paris Climate Agreement, which undermined American values and priorities, wasted hard-earned taxpayer dollars, and stifled economic growth," a White House spokesperson, Taylor Rogers, said in a Tuesday statement celebrating the "America First victory."
Advocates for ambitious action on the fossil fuel-driven climate emergency struck a much different tone about the president exiting the 2015 deal, which aims to limit global temperature rise this century to 1.5ºC, relative to preindustrial levels. Oil Change International US campaign manager Allie Rosenbluth declared that "Trump's withdrawal from the Paris Agreement is a betrayal of the communities at risk from climate disaster, especially those on the frontlines of the crisis in the Global South."
"Trump is entrenching petro imperialism and enriching his fossil fuel CEO donors, at the cost of a livable planet," she said. "The US is the largest historic emitter and the current planet-wrecker-in chief, responsible for a greater increase in oil and gas extraction than any other country since the Paris Agreement. Now, Trump is pulling out of the agreement that commits it to help solve a crisis it largely created—deepening global risk of climate-fueled hurricanes, wildfires, droughts, and floods."
Rosenbluth argued that "under Trump, the US is becoming a pariah on the world stage and should be treated as such by the countries claiming to defend climate multilateralism and international cooperation. It is clinging to fossil fuel dependency as many other nations embrace the clean, affordable energy sources of the future. Trump is trying to drag the rest of the world backwards by launching conflicts for oil and bullying other countries into deepening their reliance on dirty, dangerous fossil fuels."
"Trump can withdraw the US from the Paris Agreement, but can't change that millions of people will fight for climate justice, including leaders from the Global South and US states and localities," she added. "While Trump turns the US into a rogue state, we must redouble global efforts to end the fossil era and fight for safety and dignity for all."
In an interview with the Guardian, Basav Sen, climate justice project director at the Institute for Policy Studies, suggested that US disengagement has already encouraged others to take action.
At the United Nations Climate Change Conference (COP30) in Brazil last November—which the Trump administration did not attend—Colombia, the Netherlands, and Pacific Island nations announced plans to host historic talks on phasing out fossil fuels. Sen said, "I have to believe that the reactionary position of the US acted as further impetus for those countries to step up."
Still, the Trump administration's position means "it will be that much harder for low-income countries, who are very dependent on fossil fuel production and exports, to be able to make their transitions with the US saying that we won't fund any of it," he said. Sen also stressed that "if the domestic market in the US continues to be dominated by fossil fuels through the fiat of an authoritarian government, that will continue to have an impact on the rest of the world."
In the lead-up to COP30, Amnesty International secretary general Agnès Callamard urged other governments "to resist aligning with the Trump administration's denial of the accelerating climate crisis and instead demonstrate true climate leadership."
On Tuesday, Marta Schaaf, Amnesty's program director for climate, economic and social justice, and corporate accountability, said that "the US withdrawal from the Paris Agreement sets a disturbing precedent that seeks to instigate a race to the bottom, and, along with its withdrawal from other major global climate pacts, aims to dismantle the global system of cooperation on climate action."
Despite "increasingly deadly and expensive" weather disasters, Trump has left not only the Paris Agreement but also dozens of other international treaties and organizations intended to coordinate on key issues, including human rights and the climate crisis.
"The US is one of several powerful anti-climate actors," Schaaf acknowledged, "but as an influential superpower, this decision, along with acts of coercion and bullying of other countries and powerful actors to double down on fossil fuels, causes particular harm and threatens to reverse more than a decade of global climate progress under the agreement."
"While the US may no longer be a party to the Paris Agreement, it still has legal obligations to protect humanity from the worsening impacts of climate change as confirmed by the International Court of Justice in its landmark 2025 advisory opinion," she emphasized. "US-based climate advocates and activists now find themselves on the frontlines of a fight with implications for current and future generations everywhere."
"Global solidarity and support to ensure accelerating momentum to address climate change has never been more urgent," Schaaf added. "Those who witness the harms caused by climate change and who can speak safely—must speak up. Other governments too must push back against all coercive efforts by the US. Ceding ground now risks losing it for years. Neither the planet nor the people living on the frontlines of proliferating unnatural disasters have that much time."
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As Trump Terrorizes Immigrants, Spain Offers Permanent Residency for 500,000 People
Responding to the deadly US crackdown, one Spanish leftist leader said, "If they kidnap children and murder, we give papers."
Jan 27, 2026
As President Donald Trump terrorizes immigrants and Americans alike with his deadly mass deportation blitz while warning European leaders to tighten their borders by raising the racist specter of "civilizational erasure," Spain's government is moving against the xenophobic tide by offering hundreds of thousands of migrants a chance at permanent legal residency.
The Spanish Socialist Workers' Party (PSOE) government of Prime Minister Pedro Sánchez and the leftist Podemos party reached an agreement Monday following the collection of more than 700,000 petition signatures in favor of a legislative initiative to legalize up to 500,000 undocumented migrants.
Those who can prove that they were in Spain for at least five months before December 31, 2025 and have no criminal record will be eligible for permanent legal residency with permission to work.
Spanish Migration Minister Elma Saiz (PSOE) said during a press conference that "today is a historic day" for starting the process of legalizing hundreds of thousands of immigrants in a country that has made great strides in overcoming its legacy of racism and xenophobia.
The far-right Vox party called the legalization plan "madness" that promotes "barbarity."
However, Saiz said that legalization will help Spain “recognize, dignify, and give guarantees” to people who already live and work in the country.
“We’re reinforcing a migratory model based on human rights, on integration, and on coexistence that’s compatible with both economic growth and social cohesion,” she added.
Responding to arguments that legalizing so many migrants would severely strain Spain's social safety net, Podemos Secretary General Ione Belarra said on social media, "What overwhelms public services are your cuts and privatizations."
Belarra also said that some opponents of legalization are angry that they will no longer be able to exploit migrants by paying them less than legal workers.
Podemos Political Secretary Irene Montero said Tuesday that "we have a legal obligation to guarantee [migrant] rights and that is what this regularization is, which we hope will reach all the people without papers in Spain who were here before December 31, 2025."
Spain's population is approximately 49.4 million. Legalizing half a million immigrants would be the equivalent of granting permanent residency to about 3.6 million migrants in the United States. There were believed to be about 7.1 million foreign nationals living in Spain at the beginning of last year, of whom an estimated 840,000 were in the country without authorization.
Sánchez's PSOE-led government has been supportive of immigrants since coming to power in 2018, offering safe harbor for migrants arriving in Europe by sea when other European Union nations have moved to restrict their entry. More than 10,000 migrants died trying to reach Spain in 2024, according to the Spanish advocacy group Caminando Fronteras (Walking Borders).
Meanwhile, Trump's latest National Security Strategy, released last month, urges the US to "cultivate resistance" to immigration in Europe, espousing racist "great replacement" ideology while warning of “the real and stark prospect of civilizational erasure."
“Should present trends continue, the continent will be unrecognizable in 20 years or less," the document states.
European nations including Denmark, Germany, Greece, Poland, Sweden, and the United Kingdom have recently tightened their migration and asylum policies, in some cases partially due to pressure from Washington.
Responding to Trump's deadly anti-immigrant crackdown—which has killed both immigrants and US citizens—Montero said Tuesday that “in the United States at the moment there are millions of people who are afraid in their own homes because Trump’s migration policy enters people’s homes and takes them away."
“We cannot accept that there are people who live in fear and without rights," she added. "We cannot accept racist violence. Racism is answered with rights. If they kidnap children and murder, we give papers."
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