Intel chief to meet personally with Trump, who called for his resignation Shares rise
Trump has demanded the resignation of Intel's head over his investments in Chinese technology
Intel CEO Lip-Bu Tan will personally meet with Donald Trump, who last week demanded his resignation over ties to China. In a similar meeting with Tim Cook last week, Trump exempted Apple from new duties on imported chips in exchange for a promise to increase investment in the US. Intel shares are up 2% on news of the upcoming meeting.
Details
Intel CEO Lip-Bu Tan, whom U.S. President Donald Trump last week called on to resign over ties to Chinese businesses, will visit the White House on Monday, the WSJ reported, citing sources.
Tan is expected to talk about his personal and professional journey in his meeting with the US President. He may also propose options for cooperation between the government and Intel. According to one of the newspaper's interlocutors, Tan hopes to win Trump's support by emphasizing his commitment to the U.S. and the importance of preserving Intel's production facilities as a matter of national security.
Intel shares were up more than 2% in pre-market trading on Monday, August 11.
Context
"Intel's CEO is in a deep conflict of interest and should resign immediately. There is no other solution to this problem," Trump wrote in Truth Social on Aug. 7.
His post came after Republican Senator Tom Cotton, in a letter to Intel's board of directors, expressed concern about Tan's ties to China, citing his investments in Chinese semiconductor companies, including those linked to China's military. Cotton also pointed out that until 2021, Tan ran Cadence Design, which in July agreed to pay $140 million in a case involving the sale of technology to a Chinese military university.
Trump criticized Tan a day after meeting privately with another CEO, Apple head Tim Cook. At a White House event on Aug. 6, Cook and Trump announced the company's plans to spend $100 billion over four years on purchases from U.S. companies and suppliers. Against this backdrop, Trump promised to exempt companies that increase investment in the U.S. from new duties on semiconductors.
This article was AI-translated and verified by a human editor
