Trump demands Intel CEO Lip-Bu Tan resign over China ties

President Trump on Thursday demanded Intel CEO Lip-Bu Tan resign, following concerns about his reported ties to Chinese companies.Why it matters: Tan is in the middle of trying to turn Intel around at a time when the government is pushing to bolster the U.S. chip industry.It was only six months ago that the Trump administration was reportedly trying to broker a deal with Taiwan's TSMC to run Intel's factories.What they're saying: "The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem," Trump posted on Truth Social.Context: The demand comes one day after Sen. Tom Cotton (R-Ark.) sent a letter to Intel's board raising concerns about Tan's purported ties to Chinese companies with links to the Communist Party and the Chinese military. Cotton specifically raised the $8 billion grant Intel received under the CHIPS Act and said Tan's China links "raise questions about Intel's ability to fulfill these obligations."For the record: The company issued a statement late Thursday that suggested Tan wasn't going anywhere."Intel, the board of directors and Lip-Bu Tan are deeply committed to advancing U.S. national and economic security interests and are making significant investments aligned with the president's America First agenda," the statement said.Flashback: Intel named Tan CEO in March.Late last month, the company reported better revenue than expected in his early months on the job, though he also slashed factory construction plans.What they're saying: "Intel's underperformance reflects the company's challenges and execution by its past CEOs—not the leadership of current CEO Lip-Bu Tan," Gabelli Funds portfolio manager Hendi Susanto said in a note. "Given Trump's history and past remarks, his call for CEO Lip-Bu Tan to resign shouldn't be taken at face value or interpreted too literally."💭 Thought bubble: As Axios Pro Rata's Dan Primack notes, Tan's ties to China are long-standing and well-known.He previously led Cadence Design Systems and is a longtime venture capitalist known for focusing on cross-border investments — including via Walden International, a firm he founded in the 1980s.Tan's operation was one of the earliest U.S. venture firms to make a significant number of investments in China. In April 2001, Forbes dubbed Tan the "pioneer of Asia VC."By the numbers: Intel shares fell 3.1%, on a day chip stocks otherwise rallied after Trump teased significant exemptions to semiconductor tariffs.Editor's note: This story has been updated with Intel's comment..

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