Intel Corp (NASDAQ:INTC) shares are rising in Monday’s after-hours session following a change in tone from President Donald Trump after a meeting with Intel CEO Lip-Bu Tan at the White House.
INTC is up after-hours.
What Happened: Trump called on Tan to resign from Intel last week after Sen. Tom Cotton (R-Ark.) raised concerns about his potential ties to China.
In a Truth Social post on Thursday, Trump said the Intel CEO is “highly CONFLICTED and must resign, immediately,” adding that there were no other solutions.
Tan met with Trump on Monday in what appears to have been a productive meeting. Trump posted late Monday that the meeting was “very interesting.”
“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,” Trump wrote in the post.
Tan has been a director at Intel since 2022 and he took over as CEO earlier this year after former CEO Pat Gelsinger was forced out by the board following a lack of turnaround progress.
Intel said in a statement last week that the company was “deeply committed” to working with Trump to advance U.S. national and economic security interests and was looking forward to continued engagement with the Trump administration.
INTC Price Action:Intel shares were up 2.76% in extended trading Monday, trading at $21.25 at the time of publication, according to Benzinga Pro.