Trump flip-flops on Intel CEO, calls him ‘success’ days after demanding resignation
Intel CEO Lip-Bu Tan makes a speech on stage in Taipei, Taiwan May 19, 2025.
Ann Wang | Reuters
President Donald Trump said Monday that he and members of his cabinet met with Intel CEO Lip-Bu Tan, days after he called on the head of the chipmaker to resign. Intel shares rose 2% in extended trading.
“I met with Mr. Lip-Bu Tan, of Intel, along with Secretary of Commerce, Howard Lutnick, and Secretary of the Treasury, Scott Bessent,” Trump wrote in a post on Truth Social. “The meeting was a very interesting one. His success and rise is an amazing story. Mr. Tan and my Cabinet members are going to spend time together, and bring suggestions to me during the next week. Thank you for your attention to this matter!”
An Intel spokesperson confirmed the meeting.
“Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel’s commitment to strengthening U.S. technology and manufacturing leadership,” the spokesperson wrote in an email.
Tan has been an Intel director since 2022, and in March he replaced Pat Gelsinger as CEO. Last week Sen. Tom Cotton, R-Ark., questioned Tan’s ties to China. Cotton brought up a past criminal case involving Cadence Design, where Tan had been CEO, and asked whether Intel required Tan to divest from positions in chipmakers linked to the Chinese Communist Party, the People’s Liberation Army and any other concerning entities in China.
Trump’s latest message marks a stark change in tone from last week. In a Truth Social post on Thursday, the president wrote that Tan “is highly CONFLICTED and must resign, immediately. There is no other solution to this problem.”
Intel said in a comment later that day that the company, directors and Tan are “deeply committed to advancing U.S. national and economic security interests.”
The Trump administration has taken a heavy hand in the business world, particularly in the semiconductor market, as the U.S. battles with China for supremacy in artificial intelligence. Over the weekend, Nvidia agreed to pay the federal government a 15% cut in return for receiving export control licenses that will allow it to once again sell its H20 chip to China and Chinese companies. Nvidia CEO Jensen Huang visited Trump in the White House on Friday.
President Trump on Monday said that he initially asked Nvidia for a 20% cut of the chipmaker’s sales to China, but the number came down to 15% after Huang negotiated with him.
“I said, ‘listen, I want 20% if I’m going to approve this for you, for the country,'” Trump said at a news conference in Washington, D.C.
Tan, 65, took over Intel after the struggling chipmaker had failed to gain significant traction in the AI market, which Nvidia dominates, while it was burning cash to build its foundry business for chip manufacturing.
Tan was born in Malaysia and raised in Singapore before moving to the U.S. and receiving a master’s degree from the Massachusetts Institute of Technology. He said in late July that his first few months as Intel’s CEO had not been easy, with layoffs and cuts to the foundry division.
Intel canceled plans for manufacturing sites in Germany and Poland and would slow down development in Ohio, he told employees.
“Turning the company around will take time and require patience,” Tan said on a conference call with analysts in July. “We have a lot to fix in order to move the company forward.”
Intel shares are up 3% this year as of Monday’s close. The S&P 500 is up 8.4%.
— CNBC’s Fred Imbert contributed to this report.
Mike Intrator, co-founder and CEO of CoreWeave, speaks at the Nasdaq headquarters in New York on March 28, 2025.
Michael M. Santiago | Getty Images News | Getty Images
CoreWeave shares fell about 6% in extended trading on Tuesday even as the provider of artificial intelligence infrastructure beat estimates for second-quarter revenue
Here’s how the company did in comparison with LSEG consensus:
- Earnings per share: Loss of 21 cents
- Revenue: $1.21 billion vs. $1.08 billion expected
Revenue more than tripled from $395.4 million a year earlier, CoreWeave said in a statement. The company registered a $290.5 million net loss, compared with a $323 million loss in second quarter of 2024. CoreWeave’s earnings per share figure wasn’t immediately comparable with estimates from LSEG.
CoreWeave’s operating margin shrank to 2% from 20% a year ago due primarily to $145 million in stock-based compensation costs. This is CoreWeave’s second quarter of full financial results as a public company following its IPO in March.
CoreWeave pointed to an expansion in business with OpenAI, a major client and investor. Also during the quarter, CoreWeave acquired Weights and Biases, a startup with software for monitoring AI models, for $1.4 billion.
In May, management touted 420% revenue growth, alongside widening losses and nearly $9 billion in debt. The stock still doubled anyway over the course of the next month.
CoreWeave shares became available on Nasdaq at the end of the first quarter, after the company sold 37.5 shares at $40 each, yielding $1.5 billion in proceeds. As of Tuesday’s close, the stock was trading at $148.75 for a market cap of over $72 billion.
A CoreWeave data center project with up to 250 megawatts of capacity is set to be delivered in 2026, the company said in the statement.
Executives will discuss the results and issue guidance on a conference call starting at 5 p.m. ET.
This is breaking news. Please check back for updates.
WATCH: Citi’s Tyler Radke’s bullish call on CoreWeave, upgraded to buy
U.S. President Donald Trump (L) invites Nvidia CEO Jensen Huang to speak in the Cross Hall of the White House during an event on “Investing in America” on April 30, 2025 in Washington, DC.
Andrew Harnik | Getty Images
The Trump administration is still working out the details of its 15% export tax on Nvidia and AMD and could bring deals of this kind to more companies, the White House’s Karoline Leavitt said Tuesday.
“Right now it stands with these two companies. Perhaps it could expand in the future to other companies,” said Leavitt, the White House’s spokesperson.
“The legality of it, the mechanics of it, is still being ironed out by the Department of Commerce, and I would defer you to them for any further details on how it will actually be implemented,” she continued.
President Donald Trump confirmed on Monday that he had negotiated a deal with Nvidia in which the U.S. government approves export licenses for the China-specific H20 AI chip in exchange for a 15% cut of revenue. Advanced Micro Devices also got licenses approved in exchange for a proportion of its China sales, the White House confirmed.
“I said, ‘If I’m going to do that, I want you to pay us as a country something, because I’m giving you a release,'” Trump said Monday.
“We follow rules the U.S. government sets for our participation in worldwide markets,” Nvidia said in a statement this week.
Trump said the export licenses for AMD and Nvidia were a done deal. But lawyers and experts who follow trade have warned that Trump’s deal may be complicated because of existing laws that regulate how the government can charge fees for export licenses.
The Commerce Department didn’t immediately return a request for comment.
The H20 is Nvidia’s Chinese-specific chip that is slowed down on purpose to comply with U.S. export relations. It’s related to the H100 and H200 chips that are used in the U.S., and was introduced after the Biden administration implemented export controls on artificial intelligence chips in 2023.
Earlier this year, Nvidia said that it was on track to sell more than $8 billion worth of H20 chips in a single quarter before the Trump administration in April said that it would require a license to export the chip.
Trump signaled in July that he was likely to approve export licenses for the chip after Nvidia CEO Jensen Huang visited the White House.
The U.S. regulates AI chips like those made by Nvidia for national security reasons, saying that they could be used by the Chinese government to leapfrog U.S. capabilities in AI, or they could be used by the Chinese military or linked groups.
The Chinese government has been encouraging local companies in recent weeks to avoid using Nvidia’s H20 chips for any government or national security-related work, Bloomberg reported on Tuesday.
WATCH: Access to Nvidia’s H20 won’t hand China an AI advantage: Analyst
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