Trump praises Intel CEO after past resignation call
In a remarkable shift of tone, former U.S. President Donald Trump has lauded Intel CEO Lip-Bu Tan as having an “amazing story,” just days after publicly demanding his resignation over alleged ties to Chinese firms. The abrupt reversal came following a pivotal meeting at the White House on Monday, signaling a potential thaw in the contentious relationship between the administration and the semiconductor industry giant.
Last week, President Trump had taken to his Truth Social platform to declare that the “CEO of INTEL is highly CONFLICTED and must resign, immediately,” without elaborating on specific evidence. This strong condemnation followed a letter from Senator Tom Cotton (R-Ark.) to Intel’s board chairman, Frank Yeary, expressing grave concerns about Tan’s reported investments and connections to numerous Chinese advanced-manufacturing and chip firms, some allegedly linked to the Chinese Communist Party and the People’s Liberation Army. The controversy was further fueled by a Reuters investigation in April which reported that Tan, through his venture capital firm Walden International and other interests, held control over dozens of Chinese companies. Additionally, Tan’s previous role as CEO of Cadence Design Systems, a position he held until 2021, came under scrutiny after Cadence pleaded guilty in July to illegally exporting products to China, including sales to China’s National University of Defense Technology.
Lip-Bu Tan, who assumed the role of Intel CEO in March 2025 following the retirement of Pat Gelsinger in December 2024, had addressed the swirling “misinformation” in a letter to Intel employees on August 7, affirming his more than 40 years of residency in the United States and his commitment to the nation. Despite this, the presidential rebuke sent jitters through the market, causing Intel’s shares to slide.
However, the Monday meeting at the White House with President Trump, joined by Secretary of Commerce Howard Lutnick and Secretary of the Treasury Scott Bessent, appears to have significantly altered the narrative. Post-meeting, Trump posted on Truth Social that the discussion was “very interesting” and praised Tan’s “success and rise” as an “amazing story.” Intel, in a statement, confirmed a “candid and constructive discussion on Intel’s commitment to strengthening U.S. technology and manufacturing leadership,” expressing appreciation for the President’s leadership in advancing these critical priorities. The chipmaker also indicated its eagerness to collaborate closely with the administration in its efforts to “restore this great American company.”
Looking ahead, President Trump announced that his cabinet members would continue to engage with Tan over the coming week, with the aim of bringing further suggestions back to him. This development marks a pivotal moment for Intel, a company considered central to the U.S.'s domestic chip manufacturing ambitions, as it navigates both its internal turnaround efforts and the complex geopolitical landscape of global technology. The positive shift from the White House immediately buoyed Intel’s stock, which rebounded sharply in extended trading.