Intel CEO Lip-Bu Tan was appointed in March|@intel|X
Intel’s shares dipped more than 3% yesterday after President Donald Trump demanded that newly appointed CEO Lip-Bu Tan step down, calling him “highly CONFLICTED” in a Truth Social post.
The criticism comes days after Sen. Tom Cotton raised concerns about Tan’s ties to Chinese companies and referenced a past criminal case at Cadence Design, where Tan served as CEO until 2021.
Reuters reported that Tan holds stakes in 600+ Chinese companies, some tied to military contractors.
Intel, a key Pentagon supplier and the largest recipient of Chips Act funds meant to boost the US semiconductor market.
In a letter to staff, Tan called Trump’s claims “misinformation” and said he’s reached out to the White House to set the record straight.
Intel defended Tan, saying both he and the company remain committed to US national and economic security, highlighting multi-billion-dollar investments in domestic semiconductor manufacturing, including a new plant in Arizona.