Less than a week after publicly calling for his resignation, former President Donald Trump is now applauding the career of Intel CEO Lip-Bu Tan, calling it “an amazing story.”
Intel shares, which dipped last week following Trump’s criticism, rebounded ahead of Tuesday’s market opening, rising 3.5%.
The controversy began after Senator Tom Cotton sent a letter to Intel Chairman Frank Yeary, raising concerns about Tan’s past investments and his connections to semiconductor companies allegedly linked to the Chinese Communist Party and the People’s Liberation Army. Cotton asked whether Tan had divested from those firms to avoid any potential conflict of interest.
Trump echoed Cotton’s concerns in a post on Truth Social last Thursday, writing: “The CEO of Intel is highly CONFLICTED and must resign, immediately. There is no other solution to this problem.”
Tan, who became Intel’s CEO in March, responded to the criticism in a message to employees, denying any wrongdoing and stating that misinformation was spreading about his former roles at Walden International and Cadence Design Systems. He emphasized that he has always followed the highest ethical and legal standards.
However, following a White House meeting on Monday with Tan, Secretary of Commerce Howard Lutnick, and Secretary of the Treasury Scott Bessent, Trump appeared to walk back his earlier demand.
“I met with Mr. Lip-Bu Tan, of Intel… The meeting was a very interesting one. His success and rise is an amazing story,” Trump said in another Truth Social post. He added that Tan and his cabinet officials would continue discussions and report back with suggestions in the coming week.
The back-and-forth underscores the growing political and economic tensions between the U.S. and China, especially in the fields of semiconductors, artificial intelligence, and other advanced technologies seen as crucial to future global leadership in both economic and military arenas.
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