Just days after pressuring Intel CEO Lip-Bu Tan to resign over alleged conflicts of interest with China, US President Donald Trump yesterday reversed his stance by praising the corporate figure and inviting him to a face-to-face meeting at the White House.
The meeting, described as "open and constructive", marked a significant change in tone from previous outspoken criticism to a strategic discussion on Intel's role in strengthening its technology position and chip manufacturing capacity in the US.
Trump also posted a statement on Truth Social describing the meeting as "very interesting" and potentially opening up new collaborations between the government and the company.
Previously, Intel shares fell more than 3% when Trump publicly called for Tan's resignation, following a call from a Republican senator who raised concerns about his close ties to the Chinese semiconductor company.
However, market reaction changed abruptly after the meeting at the White House, when Intel shares jumped almost 7% in two trading days.
Tan, a Malaysian-born US citizen, was previously an early investor and board member of SMIC, China's largest chipmaker now sanctioned by Washington.
He also has a history of investing extensively in Asian technology companies, including in China, through the venture capital firm he founded, Walden International.
The political shift is seen by analysts as a strategic move by Trump to bring US technology leadership closer into his administration's orbit, at a time when competition with China in the semiconductor sector is intensifying.
