Trump changes tune on Intel CEO after demanding his resignation | Latest Tech News
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President Trump said he met with Intel CEO Lip-Bu Tan on Monday, days after looking for his resignation, praising Tan and calling the assembly “a very interesting one.”
Shares of the chipmaker rose 3% in prolonged trading.
Last week, Trump had demanded the instant resignation of Tan, calling him “highly conflicted” over his ties to Chinese corporations, injecting uncertainty into the chipmaker’s years-long turnaround effort.
President Trump last week demanded Intel CEO Lip-Bu Tan’s instant resignation over ties to Chinese corporations, injecting uncertainty into the chipmaker’s years-long turnaround effort. AP
Trump said he met with Tan, along with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent. His cupboard members and Tan have been going to convey recommendations to him next week, Trump said in a post on Truth Social.
“His success and rise is an amazing story,” Trump said about Tan.
Tan had invested in tons of of Chinese corporations, some of which have been linked to the Chinese army, GWN reported solely in April. It will not be unlawful for U.S. residents to maintain stakes in Chinese firms unless they’ve been added to the U.S. Treasury’s Chinese Military-Industrial Complex Companies List, which explicitly bans such investments.
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 heavy losses.
In the roughly six months as Intel CEO, Tan made major strategic shifts that included divesting property, shedding staff and redirecting sources.
But the demand for Tan’s resignation will only distract him from that activity, traders and a former senior worker have told GWN.
“The meeting was a very interesting one,” Trump said on Truth Social, including that his cupboard members and Tan are going to spend time together and convey recommendations to him during the next week. Trump last week with Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. Pool/ABACA/Shutterstock
Tan is now making an effort to reassure Trump that he stays the precise particular person to revive the storied American chipmaker.
Tan met with Trump for a candid and constructive dialogue on the company’s dedication to strengthening US technology and manufacturing management, Intel said in a assertion. The company said it will work carefully with the administration to “restore this great American company.”
Trump’s intervention marked a uncommon occasion of a president publicly calling for a CEO’s ouster and raised questions about his control over company affairs.
This was also evident in an settlement calling for Nvidia and AMD to give the US authorities 15% of income from China gross sales.
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