Intel CEO Lip-Bu Tan makes a code connected signifier successful Taipei, Taiwan May 19, 2025.
Ann Wang | Reuters
President Donald Trump said Monday that helium and members of his furniture met with Intel CEO Lip-Bu Tan, days aft helium called connected the caput of the chipmaker to resign. Intel shares roseate 2% successful extended trading.
"I met with Mr. Lip-Bu Tan, of Intel, on with Secretary of Commerce, Howard Lutnick, and Secretary of the Treasury, Scott Bessent," Trump wrote successful a station connected Truth Social. "The gathering was a precise absorbing one. His occurrence and emergence is an astonishing story. Mr. Tan and my Cabinet members are going to walk clip together, and bring suggestions to maine during the adjacent week. Thank you for your attraction to this matter!"
Intel didn't instantly respond to a petition for comment.
Tan has been an Intel manager since 2022, and successful March helium replaced Pat Gelsinger arsenic CEO. Last week Sen. Tom Cotton, R-Ark., questioned Tan's ties to China. Cotton brought up a past transgression lawsuit involving Cadence Design, wherever Tan had been CEO, and asked whether Intel required Tan to divest from positions successful chipmakers linked to the Chinese Communist Party, the People's Liberation Army and immoderate different concerning entities successful China.
Trump's latest connection marks a stark change successful tone from past week. In a Truth Social station connected Thursday, the president wrote that Tan "is highly CONFLICTED and indispensable resign, immediately. There is nary different solution to this problem."
Intel said successful a comment later that time that the company, directors and Tan are "deeply committed to advancing U.S. nationalist and economical information interests."
The Trump medication has taken a dense manus successful the concern world, peculiarly successful the semiconductor market, arsenic the U.S. battles with China for supremacy successful artificial intelligence. Over the weekend, Nvidia agreed to wage the national authorities a 15% chopped successful instrumentality for receiving export power licenses that volition let it to erstwhile again merchantability its H20 spot to China and Chinese companies. Nvidia CEO Jensen Huang visited Trump successful the White House connected Friday.
President Trump connected Monday said that helium initially asked Nvidia for a 20% chopped of the chipmaker's income to China, but the fig came down to 15% aft CEO Jensen Huang negotiated with him.
"I said, 'listen, I privation 20% if I'm going to o.k. this for you, for the country,'" Trump said astatine a quality league successful Washington, D.C.
Tan, 65, took implicit Intel aft the struggling chipmaker had failed to summation important traction successful the AI market, which Nvidia dominates, portion it was burning currency to physique its foundry concern for spot manufacturing.
Tan said successful precocious July that his archetypal fewer months arsenic Intel's CEO had not been easy, with layoffs and cuts to the foundry division. Intel canceled plans for manufacturing sites successful Germany and Poland and would dilatory down improvement successful Ohio, helium told employees.
"Turning the institution astir volition instrumentality clip and necessitate patience," Tan said connected a league telephone with analysts successful July. "We person a batch to hole successful bid to determination the institution forward."
Intel shares are up 3% this twelvemonth arsenic of Monday's close. The S&P 500 is up 8.4%.
— CNBC's Fred Imbert contributed to this report.
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