Apple CEO announces 24k gold gifts to Trump amid $600 million US investment
Apple CEO Tim Cook presented President Donald Trump with a 24K gold gift as Apple pledges $600 billion in US manufacturing.
President Donald Trump called for the immediate resignation of Intel CEO Rip Beau Tang after Republican lawmakers aired concerns about Tan’s reported relationship with Chinese companies and recent criminal cases involving former executives.
On Thursday, August 7th, the president wrote about social media platform Truth Social, Tan “is very conflicted and we must resign immediately. There is no other solution to this issue.”
Trump’s comments came the day after Republican Sen. Tom Cotton wrote a letter to Intel board chair with questions about his relationship with Chinese companies and recent criminal cases, including Cadence Design, his former company. Arkansas lawmakers cited Reuters’ monopoly report on Tan’s investment in April. Part of it was created through a venture or holding company that costs at least $200 million with Chinese military and chip companies linked to the Chinese military for at least $200 million.
Cotton says he is concerned about “the security and integrity of Intel’s business and its potential impact on the national security of the US” related to TAN’s reported investments. Ohio Republican Sen. Bernie Moreno joined a call asking questions about the CEO, posting on X on August 7th that it was “pretty obvious” that Intel has failed its commitment to the state and that Ohio will launch a fraud investigation. Intel has invested billions in building microchip factories in the state.
USA Today has not received immediate responses to requests for comment from Intel or Tan.
Intel’s stock price fell more than 3% by the early morning of Thursday, August 7, triggered by the call of lawmakers that day.
Chip manufacturing has been an important obsession point for Republican presidents since taking office in January, picking up the industry to bolster US manufacturing. At the White House event on Wednesday, August 6th, Trump threatened to impose 100% tariffs on foreign semiconductors to ground the US supply chain.
Tan took a top job at a struggling company in March, replacing two interim co-CEOs after Pat Gelsinger was ousted in December 2024. A Malaysian-born Chinese-American, Tan is a veteran in the semiconductor industry who was once CEO of Caddence Design Systems from 2009 to 2021. The university was thought to be involved in simulating nuclear explosions. Tan was the CEO at the time of these sales, Reuters reported.
Some analysts and investors said Tan’s deep knowledge of China’s semiconductor landscape is a strategic asset. Others see political pressure as a sign of increasing uncertainty around Intel.
Intel was once a major chipmaker in gloves. However, the company has struggled to regain its foothold in recent years. Its server chip business was hit amid a surge in spending and interest on AI chips, currently dominated by Intel’s competitor Nvidia.
Changes in leadership at Intel can put pressure on the company. This is also a pillar of the US efforts to boost domestic chipmaking. Last year, it secured $8 billion in grants from the Joe Biden administration, the largest under the 2022 Chips and Science Act.
Kathryn Palmer is a national trending news reporter for USA Today. You can contact her kapalmer@usatoday.com And with x @Kathrynplmr.
