Trump Calls for Intel CEO's Resignation Over China Ties

Shares of Intel dropped by up to 5% in premarket trading after President Donald Trump called for the immediate resignation of Intel's newly appointed CEO, Lip-Bu Tan, citing alleged conflicts of interest over Tan's reported ties to Chinese technology firms. The demand followed a letter from Senator Tom Cotton to Intel's board expressing national security concerns about Tan's investments and links to Chinese companies with connections to the Chinese Communist Party and the People's Liberation Army. Cotton's letter also questioned Intel's management of the nearly $8 billion it received from the Chips and Science Act. Intel responded by reaffirming its commitment to U.S. national security and pledged to address the concerns raised. The controversy has heightened scrutiny of Intel's leadership and raised broader questions about national security and U.S.-China relations in technology. The company faces increased pressure to reassure investors and regulators of its integrity.