Trump’s mystery U-turn on Intel CEO days after | Political News
President Donald Trump has made a beautiful U-turn on his opinion of Intel CEO Lip-Bu Tan, less than a week after he called for his resignation from the company due to a U.S. Senator accusing him of being tied to the Chinese Communist Party.
Shares of Intel took a hit last week following Trump’s feedback on the tech CEO, which have been prompted by a letter despatched by Sen. Tom Cotton (R-AR) to Intel Chairman Frank Yeary. In the letter, Cotton expressed concern over Tan’s investments and ties to semiconductor companies that are reportedly linked to the Chinese Communist Party and the People’s Liberation Army.
Cotton requested Intel if Tan had divested from the businesses to remove any potential battle of curiosity.
Trump said on the Truth Social platform Thursday that, “The CEO of Intel is highly CONFLICTED and must resign, immediately. There is no other solution to this problem. Thank you for your attention to this problem!”
Tan was named Intel CEO in March and it’s unclear if he has divested his pursuits in the chip firms.
Tan said in a message to workers that there was misinformation circulating about his past roles at Walden International and Cadence Design Systems and said that he’d “always operated within the highest legal and ethical standards.
After meeting with Tan at the White House on Monday, Trump backed off his calls for the Intel CEO to resign without hesitation.
“I met with Mr. Lip-Bu Tan, of Intel, along with Secretary of Commerce, Howard Lutnick, and Secretary of the Treasury, Scott Bessent,” Trump wrote in a Truth Social post. “The meeting was a very interesting one. His success and rise is an amazing story. Mr. Tan and my Cabinet members are going to spend time together and bring suggestions to me during the next week. Thank you for your attention to this matter!”
Shares of Intel gained 3.5% Tuesday. The financial and political rivalry between the U.S. and China are more and more targeted on pc chips, AI and other digital applied sciences that are anticipated to form future economies and navy conflicts.
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Over the weekend, chip producers Nvidia and AMD agreed to share 15% of their income from chip gross sales to China with the U.S. authorities, as half of a deal to secure export licenses for the semiconductors.
The Trump administration halted the sale of superior pc chips to China in April over national security considerations, but Nvidia and AMD revealed in July that Washington would enable them to resume gross sales of the H20 and MI308 chips, that are used in artificial intelligence development.
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