US President Donald Trump has called for the immediate resignation of Intel’s chief executive Lip-Bu Tan, accusing him of having “highly conflicted” links to Chinese firms, including companies connected to the Chinese military.

Trump’s demand, made on his Truth Social platform on Thursday, followed a Reuters report detailing Tan’s investments of at least $200 million in hundreds of Chinese advanced manufacturing and semiconductor companies between 2012 and 2024.

Some of those firms were contractors or suppliers to the People’s Liberation Army.

The call came a day after Republican Senator Tom Cotton wrote to Intel’s board chair seeking answers about Tan’s business ties and a criminal case involving his former firm, Cadence Design. Intel shares closed down 3% after Trump’s comments.

Tan, who became CEO in March, has yet to respond publicly. Intel said in a statement that its leadership is “deeply committed to advancing US national and economic security interests” and is making investments aligned with the administration’s “America First” agenda.

The intervention marks a rare instance of a US president publicly demanding the removal of a corporate leader. Some investors warned it could set a precedent for political influence over corporate governance, while others saw it as consistent with Trump’s push to bolster US chipmaking.

Intel is central to Washington’s semiconductor strategy, having secured $8 billion under the 2022 CHIPS Act to expand production in Ohio and other states.