By Associated Press Business Writer Michelle Chapman
President Donald Trump is now describing the career of Intel’s CEO as an incredible tale, less than a week after he demanded his resignation.
Intel’s stock rose before the opening bell on Tuesday after plunging last week when CEO Lip-Bu Tan faced criticism from the US president.
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Following Sen. Tom Cotton’s letter to Intel Chairman Frank Yeary voicing concerns about Tan’s investments and connections to semiconductor companies purportedly associated with the People’s Liberation Army and the Chinese Communist Party, Trump launched his attack. To avoid any possible conflicts of interest, Cotton questioned Intel about Tan’s divestiture from the companies.
Trump stated on Thursday on the Truth Social platform that Intel’s CEO is extremely conflicted and needs to step down right away. This problem can’t be solved in any other way. I appreciate you taking the time to look into this issue.
It’s unclear if Tanwas has sold his shares in the chip businesses since he was appointed CEO of Intel in March.
In a message to staff members, Tan acknowledged that false information was being spread regarding his previous positions at Cadence Design Systems and Walden International, but he insisted that he had always acted in accordance with the strictest moral and legal guidelines.
Trump immediately withdrew his demand that Tan resign after meeting with Tan at the White House on Monday.
Trump claimed in a Truth Social post, “I met with Mr. Lip-Bu Tan of Intel, along with Secretary of the Treasury, Scott Bessent, and Secretary of Commerce, Howard Lutnick.” It was a really fascinating meeting. His ascension and achievement is a remarkable tale. Over the course of the upcoming week, Mr. Tan and my Cabinet colleagues will meet and provide their recommendations to me. I appreciate you taking the time to look into this.
During premarket trading, Intel’s stock increased by over 3%.
Computer chips, artificial intelligence, and other digital technologies that are predicted to influence future economies and military confrontations are at the center of the U.S.-China economic and political competition.
