SAN FRANCISCO, California — Gov. Gavin Newsom said Wednesday he does not view Silicon Valley’s recent tilt toward President Trump as a significant ideological shift, even as a growing number of tech executives seek favor with the White House. Speaking at a New York Times finance summit, Newsom described the trend as “situational” and driven more by financial calculation than politics.
Newsom’s balancing act reflects both his long-standing ties to the tech sector and the political strain created by Trump-era demands. While he has sharply criticized universities and law firms for what he calls capitulation to the Trump administration, Newsom has been more restrained with the industry he relies on to sustain California’s budget — and whose donors could prove crucial if he runs for president in 2028.
Still, Newsom issued pointed criticism of what he called “self-dealing” around Trump’s directives on artificial intelligence and cryptocurrency, which have reportedly positioned investors and chipmakers — including figures like AI and crypto czar David Sacks — to profit. He also labeled Apple CEO Tim Cook’s successful pursuit of tariff exemptions under Trump as “crony capitalism,” saying small businesses lack similar access.
Newsom acknowledged Cook was acting in shareholders’ interests but warned that uneven access to federal policy undermines public trust. As tech leaders increasingly engage with Trump — from Elon Musk’s push for federal firings to Marc Benioff’s brief call for National Guard intervention in San Francisco — Newsom maintains that California must preserve collaborative ties without surrendering ethical standards.
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