How Intel's CEO Helped Create China's Chip Industry

Intel CEO Lip-Bu Tan, who faces calls for resignation from President Trump, helped build China's semiconductor industry over four decades. Tan's San Francisco-based Walden International, founded in 1987, was invited by Chinese officials to introduce venture capital to China in 1993, WSJ reported Friday. The firm invested in SMIC, China's largest chip manufacturer, where Tan served as board director for at least 18 years until the Commerce Department restricted the company in 2020. Walden also backed Advanced Micro-Fabrication Equipment, now worth $17 billion and a leader in China's chip-manufacturing sector.

During Tan's tenure as Cadence CEO from 2009-2021, the company sold banned technology to a Chinese university conducting military simulations, resulting in a 2025 guilty plea and $140 million settlement. These investments, once common among Silicon Valley venture capitalists and U.S. university endowments, now appear problematic amid U.S.-China tensions and Washington's restrictions on chip exports to China.

Tan wrote in a blog post late Thursday that there had been a 'lot of misinformation' circulating about his past roles. 'Over 40+ years in the industry, I've built relationships around the world and across our diverse ecosystem -- and I have always operated within the highest legal and ethical standards,' Tan wrote.

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