He’s not stupid. That leaves your second option.
I think it’s possible that he’s stupid AND evil. I’m still waiting for some kind of evidence, other than being elected, that he’s a person of any particular intelligence.
I agree that the second option is the likely one. I don’t think he’s intelligent, in a general sense, but he’s crafty and extremely ambitious. For his purposes, that’s almost as good as brains. It’s gotten him pretty far in this life.