We recently published 10 Stocks Jim Cramer Discussed As He Warned About Samsung’s Phones. Intel Corporation (NASDAQ:INTC) is one of the stocks Jim Cramer recently discussed.
Not a day goes by without Intel Corporation (NASDAQ:INTC) being in the news. This time around, the firm is in the crosshairs of the Trump administration due to its CEO, Lip-Bu Tan’s links to Chinese firms. After President Trump demanded on social media that Intel Corporation (NASDAQ:INTC) fire its CEO, Cramer discussed the events in detail:
“Well, I do know Lip-Bu Tan, why he’s probably the, for a better word, godfather of semiconductors. He’s the guy, venture capitalist, been in, he backed 300 tech companies when no one else was willing to back the semis, and they just wanted to software, enterprise software. And he said no I’m gonna do semis. Towering figure. He was on the board of Intel, realized that Intel was going the wrong way. Was instrumental in saying listen, Gelsinger, previous CEO, was doing everything wrong. He comes in, first thing he does, he says listen, I’m gonna raise cash. I’m not going to come in guns blazing but without product. We had Lisa Su on, yesterday, AMD, they’re crushing Intel right now. Intel missed the GPUs, but that was by design.
“Well I do know I’ve got this statement of facts in the plea agreement that the government had the overview of the scheme, with the one that they really went after, which is basically that, Cadence China knew and was actively dealing with the equivalent of West Point. Of China. Dealing with the PLA. They were actually very close to the PLA. It’s not clear that therefore Lip-Bu Tan who’s the CEO, knew that they were doing that. But the plea agreement doesn’t care. Plea agreement says it really doesn’t matter, he’s CEO. So it’s not a great set of facts. But, he was exonerated, but a big investigation did not call for his firing. A big investigation by very good attorneys. That said, look this is a different time, you have a senator calling for, saying that someone is basically maybe working for the PLA. And that’s enough. And I think it’s a shame that it’s devolved like that because here’s a man who has dealt with a court suit and the government could have removed him and instead they did a plea agreement.
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“But that doesn’t seem to be mattering right now. And I think this is a shame. I recognize this is a different time. . . .I think the board stands behind him. . .I do think that this is a lot more nuanced than what he said. I didn’t like at all what Cadence did. They were working for the PLA. Cadence China, and I think you guys all know what I feel about the PLA and the Chinese government. I think that the Chinese government is run by the PLA and the PLA subsidizes many, many companies to destroy our companies. So I’m with the President on this, except a little bit harder.”
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Disclosure: None. This article is originally published at Insider Monkey.
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