Latest news with #US86.5
Sydney Morning Herald
3 days ago
- Business
- Sydney Morning Herald
‘Highly CONFLICTED': Trump sparks fall that wipes away billions as he pushes for Intel CEO to resign
Shares of Intel slumped after President Donald Trump said in a social media post that the chipmaker's CEO needs to resign. 'The CEO of Intel is highly CONFLICTED and must resign, immediately,' Trump posted on Truth Social. 'There is no other solution to this problem. Thank you for your attention to this problem!' Trump made the post after Senator Tom Cotton sent a letter to Intel chairman Frank Yeary expressing concern over CEO Lip-Bu Tan's investments and ties to semiconductor firms that are reportedly linked to the Chinese Communist Party and the People's Liberation Army, and asked the board whether Tan had divested his interests in these companies to eliminate any conflicts of interest. Intel did not immediately respond to a request for comment, so it is not immediately clear if Tan, who took over as Intel's CEO in March, has divested his interests in the companies. Intel shares slid 3.1 per cent, wiping billions off the market value of the $US86.5 billion ($132.6 billion) company on a day when Wall Street's tech-heavy Nasdaq index edged higher 'In March 2025, Intel appointed Lip-Bu Tan as its new CEO,' Cotton wrote in the letter. 'Mr. Tan reportedly controls dozens of Chinese companies and has a stake in hundreds of Chinese advanced-manufacturing and chip firms. At least eight of these companies reportedly have ties to the Chinese People's Liberation Army.' Loading Cotton specifically called out Tan's recent leadership of Cadence Design Systems in the letter. According to the US Department of Justice, Cadence, in July, agreed to plead guilty to resolve charges that it violated export controls rules to sell hardware and software to China's National University of Defence Technology, which is linked to the Chinese military. Tan was the CEO of Cadence when the company violated the rules between 2015 and 2021. The US Department of Commerce's Bureau of Industry and Security also fined Candence $US95 million ($146 million) for the same breaches, saying Cadence admitted that 'employees of its Chinese subsidiary knowingly transferred sensitive US technology to entities that develop supercomputers in support of China's military modernisation and nuclear weapons programs.'
The Age
3 days ago
- Business
- The Age
‘Highly CONFLICTED': Trump sparks fall that wipes away billions as he pushes for Intel CEO to resign
Shares of Intel slumped after President Donald Trump said in a social media post that the chipmaker's CEO needs to resign. 'The CEO of Intel is highly CONFLICTED and must resign, immediately,' Trump posted on Truth Social. 'There is no other solution to this problem. Thank you for your attention to this problem!' Trump made the post after Senator Tom Cotton sent a letter to Intel chairman Frank Yeary expressing concern over CEO Lip-Bu Tan's investments and ties to semiconductor firms that are reportedly linked to the Chinese Communist Party and the People's Liberation Army, and asked the board whether Tan had divested his interests in these companies to eliminate any conflicts of interest. Intel did not immediately respond to a request for comment, so it is not immediately clear if Tan, who took over as Intel's CEO in March, has divested his interests in the companies. Intel shares slid 3.1 per cent, wiping billions off the market value of the $US86.5 billion ($132.6 billion) company on a day when Wall Street's tech-heavy Nasdaq index edged higher 'In March 2025, Intel appointed Lip-Bu Tan as its new CEO,' Cotton wrote in the letter. 'Mr. Tan reportedly controls dozens of Chinese companies and has a stake in hundreds of Chinese advanced-manufacturing and chip firms. At least eight of these companies reportedly have ties to the Chinese People's Liberation Army.' Loading Cotton specifically called out Tan's recent leadership of Cadence Design Systems in the letter. According to the US Department of Justice, Cadence, in July, agreed to plead guilty to resolve charges that it violated export controls rules to sell hardware and software to China's National University of Defence Technology, which is linked to the Chinese military. Tan was the CEO of Cadence when the company violated the rules between 2015 and 2021. The US Department of Commerce's Bureau of Industry and Security also fined Candence $US95 million ($146 million) for the same breaches, saying Cadence admitted that 'employees of its Chinese subsidiary knowingly transferred sensitive US technology to entities that develop supercomputers in support of China's military modernisation and nuclear weapons programs.'
