Intel CEO Lip-Bu Tan was investor and adviser to firm sanctioned for China deals
19 hours ago
- #US-China
- #semiconductor
- #conflict-of-interest
- Intel CEO Lip-Bu Tan was an early investor in ACM Research, a semiconductor equipment supplier accused of violating U.S. rules by providing technology potentially usable by the Chinese military.
- Tan served on ACM's advisory board from 2017 until at least April, overlapping with his tenure as Intel CEO, raising concerns about conflicts of interest.
- ACM's website initially listed Tan as an adviser, but later corrected the information, stating he had left before April without specifying the exact date.
- Intel tested ACM tools for its upcoming 14A manufacturing process, while ACM faced U.S. export restrictions for allegedly supporting China's semiconductor and military advancements.
- ACM operates primarily in China as ACM Shanghai, with a recent expansion in Hillsboro, near Intel's research campus, and has reportedly supplied equipment to an unnamed U.S. manufacturer.
- Tan's investment firm, China Walden Venture Investments, held a 7.1% stake in ACM during its 2017 IPO, and he founded the fund.
- The U.S. government, Intel's largest shareholder, previously criticized Tan's investments in Chinese firms, but no evidence suggests he misused his Intel roles to benefit ACM.
- Intel is reportedly acquiring SambaNova Systems, a startup where Tan serves as executive chairman and his firm, Walden International, was an early investor.
- Earlier in 2023, Tan proposed Intel's acquisition of AI startup Rivos, but the board rejected it due to his conflict as Rivos' chairman; Meta later bought Rivos.