Intel CEO Lip-Bu Tan makes a speech on stage in Taipei, Taiwan Could 19, 2025.
Ann Wang | Reuters
President Donald Trump stated Monday that he and members of his cupboard met with Intel CEO Lip-Bu Tan, days after he referred to as on the top of the chipmaker to resign. Intel shares rose 2% in prolonged buying and selling.
“I met with Mr. Lip-Bu Tan, of Intel, together with Secretary of Commerce, Howard Lutnick, and Secretary of the Treasury, Scott Bessent,” Trump wrote in a publish on Fact Social. “The assembly was a really fascinating one. His success and rise is an incredible story. Mr. Tan and my Cupboard members are going to spend time collectively, and produce strategies to me throughout the subsequent week. Thanks in your consideration to this matter!”
An Intel spokesperson confirmed the assembly.
“Earlier at the moment, Mr. Tan had the distinction of assembly with President Trump for a candid and constructive dialogue on Intel’s dedication to strengthening U.S. expertise and manufacturing management,” the spokesperson wrote in an e mail.
Tan has been an Intel director since 2022, and in March he changed Pat Gelsinger as CEO. Final week Sen. Tom Cotton, R-Ark., questioned Tan’s ties to China. Cotton introduced up a previous legal case involving Cadence Design, the place Tan had been CEO, and requested whether or not Intel required Tan to divest from positions in chipmakers linked to the Chinese language Communist Social gathering, the Folks’s Liberation Military and every other regarding entities in China.
Trump’s newest message marks a stark change in tone from final week. In a Fact Social publish on Thursday, the president wrote that Tan “is extremely CONFLICTED and should resign, instantly. There isn’t a different answer to this downside.”
Intel stated in a remark later that day that the corporate, administrators and Tan are “deeply dedicated to advancing U.S. nationwide and financial safety pursuits.”
The Trump administration has taken a heavy hand within the enterprise world, significantly within the semiconductor market, because the U.S. battles with China for supremacy in synthetic intelligence. Over the weekend, Nvidia agreed to pay the federal authorities a 15% minimize in return for receiving export management licenses that may enable it to as soon as once more promote its H20 chip to China and Chinese language firms. Nvidia CEO Jensen Huang visited Trump within the White Home on Friday.
President Trump on Monday stated that he initially requested Nvidia for a 20% minimize of the chipmaker’s gross sales to China, however the quantity got here down to fifteen% after Huang negotiated with him.
“I stated, ‘hear, I need 20% if I’ll approve this for you, for the nation,'” Trump stated at a information convention in Washington, D.C.
Tan, 65, took over Intel after the struggling chipmaker had failed to achieve vital traction within the AI market, which Nvidia dominates, whereas it was burning money to construct its foundry enterprise for chip manufacturing.
Tan was born in Malaysia and raised in Singapore earlier than transferring to the U.S. and receiving a grasp’s diploma from the Massachusetts Institute of Know-how. He stated in late July that his first few months as Intel’s CEO had not been straightforward, with layoffs and cuts to the foundry division.
Intel canceled plans for manufacturing websites in Germany and Poland and would decelerate growth in Ohio, he advised staff.
“Turning the corporate round will take time and require endurance,” Tan stated on a convention name with analysts in July. “We’ve got so much to repair so as to transfer the corporate ahead.”
Intel shares are up 3% this yr as of Monday’s shut. The S&P 500 is up 8.4%.
— CNBC’s Fred Imbert contributed to this report.
