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Fortune

Geoff Colvin

Trump's Intel deal gambles with the perils of picking national champions

Intel Corporation Donald Trump Fortune LipBu Tan

Lip-Bu Tan (Credit: Courtesy of Intel)

In today’s CEO Daily: Geoff Colvin on the Trump administration’s deal with Intel.
The big story: Trump tries to fire a Fed governor.
The markets: Global selloff underway.
Plus: All the news and watercooler chat from Fortune.

Good morning. What just happened? Only 15 days after President Trump posted that Intel CEO Lip-Bu Tan “is highly CONFLICTED and must resign,” the two men had seemingly become best buds, and the U.S. sent Intel $8.9 billion in return for a 9.9% stake in the company. Then, yesterday, National Economic Council Director Kevin Hassett told CNBC, “I’m sure that at some point there’ll be more transactions, if not in this industry, in other industries.” He likened the deal to a “down payment on a sovereign wealth fund.”

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