Intel CEO Lip-Bu Tan makes a speech on stage in Taipei, Taiwan Could 19, 2025.
Ann Wang | Reuters
President Donald Trump mentioned Monday that he and members of his cupboard met with Intel CEO Lip-Bu Tan, days after he known as on the pinnacle 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 ideas to me throughout the subsequent week. Thanks on your consideration to this matter!”
Intel did not instantly reply to a request for remark.
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 felony 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 Individuals’s Liberation Military and another 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 any different answer to this drawback.”
Intel mentioned 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, notably 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 can 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 mentioned 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 CEO Jensen Huang negotiated with him.
“I mentioned, ‘pay attention, I would like 20% if I will approve this for you, for the nation,'” Trump mentioned at a information convention in Washington, D.C.
Tan, 65, took over Intel after the struggling chipmaker had failed to realize vital traction within the AI market, which Nvidia dominates, whereas it was burning money to construct its foundry enterprise for chip manufacturing.
Tan mentioned 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 improvement in Ohio, he instructed workers.
“Turning the corporate round will take time and require endurance,” Tan mentioned on a convention name with analysts in July. “We now have rather a lot to repair with a purpose to transfer the corporate ahead.”
Intel shares are up 3% this 12 months as of Monday’s shut. The S&P 500 is up 8.4%.
— CNBC’s Fred Imbert contributed to this report.
WATCH: President Trump calls for Intel CEO resign
