Donald Trump meets Intel CEO after demanding his resignation over China links
U.S. President Donald Trump said he met with Intel CEO Lip-Bu Tan on Monday, just days after seeking his resignation, praising Tan and calling the meeting 'a very interesting one.' Shares of the U.S. chipmaker rose 3% in extended trading.
Last week, Trump had demanded the immediate resignation of Tan, calling him 'highly conflicted' over his ties to Chinese firms, injecting uncertainty into the chipmaker's years-long turnaround effort.
Trump said he met with Tan, along with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent.
His Cabinet members and Tan were going to bring suggestions to him next week, Trump said in a post on Truth Social.
'His success and rise is an amazing story,' Trump said about Tan.
Trump's demand last week came after a Republican senator raised national security concerns over Tan's links to firms in China.
'The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem,' Trump posted on Truth Social last Thursday.
The Malaysia-born tech industry veteran Tan released a statement at the time saying that the company was engaged with the Trump administration to address the concerns raised and ensure officials 'have the facts.' Tan had invested in hundreds of Chinese firms, some of which were linked to the Chinese military, Reuters reported in April.
It is not illegal for U.S. citizens to hold stakes in Chinese companies unless they have been added to the U.S. Treasury's Chinese Military-Industrial Complex Companies List, which explicitly bans such investments.
Intel is one of Silicon Valley's most iconic companies, but its fortunes have been dwarfed by Asian powerhouses TSMC and Samsung, which dominate the made-to-order semiconductor business.
Tan has been tasked to undo years of missteps that left Intel struggling to make inroads in the booming AI chip industry dominated by Nvidia, while investment-heavy contract manufacturing ambitions led to hefty losses.
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