Intel stock jumps after Trump calls meeting with CEO Lip-Bu Tan ‘interesting,’ signals more talks ahead
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Intel stock jumps after Trump calls meeting with CEO Lip-Bu Tan ‘interesting,’ signals more talks ahead
Intel CEO Lip-Bu Tan met with President Trump on Monday. Trump called for Tan’s resignation last week over his ties with China. Tan responded by saying reports about his career contained “misinformation” Intel stock rose 3.5% on Monday as reports circulated about the meeting, and continued to rise about 2.8% in after-hours trading. The Wall Street Journal reported over the weekend that Tan was set to meet with Trump to explain his personal and professional background, and to propose ways that Intel and the government can collaborate.
After the meeting, Trump posted to Truth Social saying that he had met with Tan along with Secretary of Commerce Howard Lutnick and Secretary of the Treasury Scott Bessent. “The meeting was a very interesting one,” the president wrote, adding, “His success and rise is an amazing story.”
Trump said Tan and his Cabinet will “spend time together” and “bring suggestions” to him in the next week, without specifying the topics to be discussed.
Intel also released a statement acknowledging the two met and saying they had “a candid and constructive discussion on Intel’s commitment to strengthening U.S. technology and manufacturing leadership.”
Intel stock rose 3.5% on Monday during the day as reports circulated about the meeting. After Trump’s post landed Monday evening, Intel continued to rise about 2.8% in after-hours trading.
Citing unnamed sources, the Wall Street Journal reported over the weekend that Tan was set to meet with Trump on Monday to explain his personal and professional background and to propose ways that Intel and the government can collaborate.
Last week, Trump called for Tan’s resignation in a Truth Social post minutes after Fox Business covered Republican Sen. Tom Cotton’s recent criticism of the CEO over his ties with China. In a letter to Intel, Cotton expressed “concern about the security and integrity of Intel’s operations,” given Tan’s investments in Chinese businesses through his venture capital firm, Walden International.
Trump wrote in his post last Thursday, “The CEO of INTEL is highly CONFLICTED and must resign, immediately.”
Tan responded by saying reports about his career contained “misinformation.”
“There has been a lot of misinformation circulating about my past roles … I want to be absolutely clear: Over 40+ years in the industry, I’ve built relationships around the world and across our diverse ecosystem — and I have always operated within the highest legal and ethical standards,” Tan wrote in a memo to employees.
Intel also issued its own statement following Trump’s comments, emphasizing its commitment to “advancing US national and economic security interests” and to making investments “aligned with the President’s America First agenda,” including domestic semiconductor manufacturing.
Tan was named Intel’s CEO in March, taking over after his predecessor Pat Gelsinger was ousted by the board last year. The company struggled to stem losses in its manufacturing business, regain market share in its legacy computer chip segment, and develop an AI strategy.