Overview

• President Trump demanded on Truth Social that CEO Lip-Bu Tan “must resign, immediately,” labeling him “highly conflicted” over investments in Chinese firms.
• Senator Tom Cotton’s letter to Intel chairman Frank Yeary asks whether the board vetted Tan’s ties to China, including subpoenas at Cadence Design and divestment from military-linked companies.
• Intel said it and Tan “are deeply committed to the national security of the United States” and will address all congressional concerns ahead of the August 15 response deadline.
• Public records indicate Tan holds stakes worth at least $200 million in more than 600 Chinese companies, including over 40 firms and funds and eight linked to the People’s Liberation Army.
• Intel shares fell between 2% and 5% in premarket and after-hours trading as political scrutiny intensified.