On Monday, days after openly urging his resignation over claimed conflicts of interest linked to past investments in Chinese businesses, US President Donald Trump met with Intel CEO Lip-Bu Tan.
Praising Tan’s “amazing story” and noting they would return next week with ideas, Trump characterized the session, also attended by Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent, as “very interesting.” Following the announcement, Intel shares went up 2.2% in extended trade.
According to Reuters, last week Trump said Tan was “highly conflicted” because of his stakes in Chinese advanced manufacturing and chip firms, some connected to the Chinese military. Investors started arguing about the infrequent presidential call for the termination of a CEO.
Tan aimed to clarify his personal and professional background, advocate for more collaboration between Intel and the US government, and stress the need for preserving local chip manufacture for national security, according to The Wall Street Journal.
Tan, a Malaysian-born Chinese American who oversaw Cadence Design from 2008 to 2021, has come under fire for past Cadence sales to a Chinese military college. He claimed that he shares Trump’s dedication to enhancing American national and financial security.
