Lip-Bu Tan's venture-capital firm has supported some of the biggest names in China's chip industry. With U.S.-China tensions running high, those investments no longer look so benign.
U.S. President Donald Trump demanded on Thursday that Intel's Lip-Bu Tan resign immediately, saying that the company's new CEO was "highly conflicted" due to his ties to Chinese firms.
Shares of Intel dropped more than 3% Thursday after President Donald Trump demanded the immediate resignation of the chipmaker's CEO.
Intel (INTC) CEO Lip-Bu Tan said he has the full support of the company's board, after President Donald Trump called for him to step down.
The tensions center on whether Intel should remain in the costly business of manufacturing its own chips, according to the Wall Street Journal.
The market landscape seems rocky and challenging for investors, considering Intel Corporation NASDAQ: INTC. The stock is trading near the low end of its 52-week range, with an analyst consensus rating of Reduce.
Stock futures are edging higher in early trading after tech stocks lifted the Nasdaq to another record high; TSMC (TSM) reported strong July sales on demand for AI chips; Firefly Aerospace (FLY) shares are falling after the space company's stock soared in its trading debut yesterday; Intel (INTC) CEO Lip-Bu Tan said he had the board's support after President Donald Trump called for his resignation; Expedia (EXPE) shares are jumping after it reported higher bookings in the second quarter. Here's what investors need to know today.
Trump now wants to oust the CEO of the Chips Act beneficiary.
Lip-Bu Tan, known as “Mr. Chip,” is under fire after a company he led until 2023 pleaded guilty to selling technology to a Chinese state-controlled research institution.
He called out Lip-Bu Tan on his Truth Social platform. Transcript: President Donald Trump has called for the “immediate resignation” of Intel CEO Lip-Bu Tan.
Intel Corp (NASDAQ:INTC, ETR:INL) shares fell 3.4% to $19.72 after Donald Trump has called for the resignation of new chief executive, Lip-Bu Tan. In a social media post, the US President alleged that Tan "is highly conflicted and must resign, immediately.
Intel (NASDAQ: INTC) shares are down 3.36% on Thursday following President Donald Trump's public call for the immediate resignation of CEO Lip-Bu Tan over alleged conflicts of interest related to China.