Shares of Intel slipped on Thursday after President Trump called on the CEO to resign. CBS News contributor JD Durkin has more.

California

Intel's shares declined after President Trump publicly demanded the immediate resignation of the company's CEO, citing alleged conflicts related to the executive's ties to China. The call for resignation followed a letter from Senator Tom Cotton to Intel's board, questioning whether the CEO had divested interests in Chinese firms.

The CEO, Lit Bhutan, who previously led Cadence Design Systems with significant business in China, has not been in the role at Intel for long. The situation has drawn attention to the rivalry between major tech companies and has contributed to downward pressure on Intel's stock.

Why Trump is calling for Intel CEO's immediate resignation

Shares of Intel slipped today after President Trump called on the CEO to resign by the closing bell. The chip maker was down over 3% Early this morning President Trump posted to social media writing in part quote the CEO of Intel is highly conflicted and must resign Immediately there is no other solution to this problem So the post came after Senator Tom Cotton a Republican out of the state of Arkansas Raised concerns over the CEO's ties to China Cotton sent a letter to Intel's board asking if the CEO had divested his interests in Chinese firms So here's what CBS News contributor JD Durkin had to say about the president's move Intel CEO lit Bhutan he hasn't even been in the job very long on the receiving end of a post He would probably rather not be on the receiving end of on truth social The president early this morning in the seven o'clock hour saying the CEO is highly conflicted and must resign Immediately in the words of the u.s. President There is no other solution to this problem This largely seems to stem in particular from one big China hawk on Capitol Hill that senator Tom Cotton a Republican of the state of Arkansas And he recently wrote to Intel's chair to express concerns about the security and the integrity of Intel's Operations lit Bhutan was previously the CEO of a little-known company called cadence design systems that had done a lot of work in China But I will note the timing of this is interesting. We had Tim Cook from Apple in the Oval Office with the president yesterday there is certainly a power shift a rivalry of sorts between Apple and Intel certainly putting downward pressure on shares of Intel today

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