President Donald Trump walked back on his call for Intel CEO's resignation following a meeting, calling his career "amazing." Meanwhile, Intel's stock climbed amid scrutiny over China ties. (Photo: ANI via Reuters)
Just days after demanding that Intel’s new CEO, Lip-Bu Tan, step down, President Donald Trump on Tuesday called Tan’s career “an amazing story”, in a sudden change of stance that came soon after a White House meeting between the two which also included Commerce Secretary Gina Raimondo and Treasury Secretary Janet Yellen, The Associated Press reported.
“The meeting was a very interesting one. His success and rise is an amazing story,” Trump wrote in a post on Truth Social, adding, “Mr. Tan and my Cabinet members are going to spend time together, and bring suggestions to me during the next week.”
Following Trump’s condemnation last Thursday on the social media platform he owns — calling Tan “highly CONFLICTED” and urging his immediate resignation — Intel’s stock price had reportedly dipped. By Tuesday, however, shares bounced back, gaining over three percent in pre-market trading after Trump’s praise, as reported by AP.
Trump’s initial comments followed a letter from Senator Tom Cotton to Intel Chairman Frank Yeary, questioning Tan’s alleged links to firms associated with the Chinese military. Cotton, for his part, has requested clarification over whether Tan had divested from those interests to avoid conflicts.
In response to growing scrutiny, Tan released a message to employees countering the allegations, and said that rumors surrounding his previous roles at Walden International and Cadence Design Systems were unfounded. The Intel CEO further emphasised that he had “always operated within the highest legal and ethical standards.”
Given that Tan only assumed charge in the capacity of CEO at Intel in March, his origins and connections were still under examination. It remains unclear whether he has divested from any controversial holdings.
The latest developments come amid escalating tensions between the US and China, particularly around semiconductors, artificial intelligence, and other strategic technologies meant to shape the military capabilities of the world’s two largest economies.
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