Overview
- After President Trump publicly urged Lip-Bu Tan to resign over alleged China ties in August, the two met with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent in the Oval Office.
- The meeting led to a reported multibillion-dollar CHIPS Act package, including a $5.7 billion tranche that gave the U.S. a roughly 9.9% stake in Intel.
- Within weeks, Nvidia committed about $5 billion to Intel in a follow-on move Reuters tied to the government’s backing.
- Intel shares have climbed roughly 80% since Tan’s March appointment, even as Reuters-cited interviews question his technical depth and Intel’s manufacturing readiness.
- Two sources told Reuters that Nvidia tested Intel’s 18A process but halted further work, underscoring ongoing production challenges.