Donald Trump makes U-turn on Intel CEO, praises his 'amazing story' after resignation demand

US President Donald Trump on Monday met with Intel chief executive Lip-Bu Tan, just days after calling for Tan’s immediate resignation over his investments in Chinese technology firms.

Trump said in a Truth Social post that Tan, Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent would “spend time together” in the coming week to bring suggestions to him.

He praised Tan’s “amazing story” of success and rise in the tech industry, calling their discussion “very interesting.”

The meeting marked a sharp turn from last week, when Trump accused Tan of being “highly conflicted” over his financial ties to hundreds of Chinese advanced manufacturing and chip companies, some linked to the Chinese military, according to a Reuters report. Tan has invested at least $200 million in such firms.

It is not illegal for Americans to hold stakes in Chinese companies unless they appear on the Treasury Department’s Chinese Military-Industrial Complex Companies List, which prohibits US investment.

Tan, who took over as CEO about six months ago, has embarked on sweeping restructuring efforts aimed at reversing years of manufacturing setbacks and narrowing Intel’s gap with AI chip leader Nvidia.

Intel said last month it will cut more than 25,000 jobs — reducing its workforce from about 108,900 at the end of 2024 to roughly 75,000 by the end of 2025 — as part of cost-cutting measures. The company has scrapped planned factories in Germany and Poland, slowed work on its Ohio facilities and consolidated operations in Costa Rica into sites in Vietnam and Malaysia.

For the second quarter, Intel reported a $2.9 billion net loss, largely from restructuring charges, on flat revenue of $12.9 billion. The company expects another loss in the current quarter, with projected revenue of $12.6 billion to $13.6 billion.

Tan told employees in a memo that the past months “have not been easy” as Intel works to “streamline the organization, drive greater efficiency and increase accountability.”