U.S. Senator Tom Cotton probes Intel board over CEO Lip-Bu Tan's former China links, raises national security concerns amid Cadence scandal
(www.tomshardware.com)
from artifex@piefed.social to technology@lemmy.world on 06 Aug 18:24
https://piefed.social/post/1120084
from artifex@piefed.social to technology@lemmy.world on 06 Aug 18:24
https://piefed.social/post/1120084
I expect the real issue here is that Cotton doesn’t abide by having a non-white CEO at the helm of a good ol’ American company. That said, Cadence was caught with their pants down, and should be punished accordingly.
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This seems fair to be honest, the guy was CEO of Cadence while they were getting around export controls. Probably not a bad idea to check things out.
Naw. This is not what was happening at all. This is a ploy to try and nationalize a chip producer, as China has. AMD and Nvidia will never work, and Intel is low hanging fruit.
Intel "leadership" destroyed the company with endless share buybacks and it now relies on capital infusion from the US government.
It should be nationalized.
Unless you’ve been reading different news, they aren’t receiving abnormal amounts of funds from the government. There was the CHIPS act, which has unfortunately been defunded.
What are you speaking about specifically?
He is refering to Intel spending large sums of money on stock buybacks instead investing it in their business.
Apple, Amazon, Google, Salesforce, Qualcomm, and Broadcom all did the same. Why is this unique to Intel in this situation?
Because Intel was in a hole and has no business distributing so much capital they need, when their entire business is basically intense research and 10 year+ investments.
More specifically, none of those other companies are silicon fabs.
That’s just a small part TBH. They are like a poster child for corporate dysfunction and game of thrones-ish drama in the executive levels, and with Pat gone they are circling the drain.
Still making BILLIONS in profit. I’m not sure what you mean.
Then why is the US taxpyer funding their capex?
They aren’t?
What is the 2.5 billion in this case here then?
The CHIPS act that Trump cancelled for now reason.
If Apple (or another one of the companies you listed) massively collapsed from their leadership position, it would also be a point of discussion around whether stock buyback was justified.
Mind you, I don’t think nationalisation is likely to help Intel or that it is a desirable outcome, I am just sharing the reasoning.
What in the world are you talking about? Intel has not “collapsed”?
By all metrics (product performance, market share, capitalization/stock price) they are in free fall and have been for half a decade.
No need to be overly pedantic.
Who is being pedantic? I made a single statement of the fact that Intel hasn’t collapsed. Where are you getting your info from?
They still make more money than AMD.
They still make more chip income than Huawei.
How have they collapsed?
I am good man, think whatever you want.
Intel annual net income for 2024 was $-18.756B, a 1210.48% decline from 2023.
Intel annual net income for 2023 was $1.689B, a 78.92% decline from 2022.
Intel annual net income for 2022 was $8.014B, a 59.66% decline from 2021.
Stop asking dumbass chatbots for your info. This is wrong: m.macrotrends.net/stocks/charts/INTC/…/revenue
Even if you take one time write off out... Intel has not been profitable since 2023.
So you’re not going to address your fake ass numbers that are total bullshit?
post yours
In multiple other comments in this very thread.
You are right, us tax payer should be getting equity in all of them!
Intel example is just pathetic that's why everyone always dunks of it.
This made me chuckle. I didn't realize chips money was completely removed...
Intel can't fail, government will bail them put and when they do, it should be nationalized
Well then, proof required.
https://techcrunch.com/2025/01/30/intel-has-already-received-2-2b-in-federal-grants-for-chip-production/
They got 300m form ohio too...
So your statement above is wrong?
Opening paragraphs exactly what I said.
Sure buddy... That's 2.5 billion Intel took in state aid without any equity being issued to the taxpayers.
That’s Trump’s idiotic doing, not the company.
That's what biden gave Intel... Trump took the remain 5b.
You don't know what you are talking about. You made several factually incorrect statements within this thread.
You are talking out of your ass. Take the L, got read up om the issue.
Happens to the best of us
The only thing that Intel leadership is a threat to is Intel.
Dag, yo.
Sit down Tommy, you are out of your league here.
Isn’t this the guy who outright said their focus is now short term profitability and cost cutting?
For Intel’s sake, I hope he goes.
Yeah for all his shortcomings Pat Gelsinger had the right plan for Intel. But the board wanted to see the numbers go up every quarter -- long-term viability be damned -- and he couldn't do both that and push all of their advanced engineering directives, so something had to give (which in this case was Gelsinger himself).
He presided over a ton of dyfucntion too, but yes exactly.
if they throw Lip-Bu Tan in jail does that mean the 24,000 people he shitcanned get their jobs back?
The Intel board:
<img alt="" src="https://aussie.zone/pictrs/image/64da2667-3097-4abb-aeed-6024be08a272.gif">
Since it references cadence:
reuters.com/…/cadence-plead-guilty-pay-140-millio…
Fined for breaking laws that are supposedly there for national security. People should be in jail, if these laws had any real purpose.
There are worse people who didn’t go to jail: theguardian.com/…/dupont-pfas-settlement-water-ch…
These days all companies got to do is pay a fine.
Okay but Tom Cotton is a bigoted piece of raccoon feces.