US President Trump said on Monday that he and members of his cabinet had met with Intel CEO Lip-Bu Tan, days after he demanded the chipmaker's resignation. Intel's stock price rose 2% in after-hours trading.

"I met with Mr. Lip-Bu Tan of Intel, along with Secretary of Commerce Howard Lutnick and Secretary of the Treasury Scott Bessant," Trump wrote in a Truth Social post. "This meeting was very meaningful. His success and rise is a remarkable story. Mr. Chen and members of my cabinet will continue to communicate and will provide me with recommendations next week. Thank you for your attention to this matter!"

Intel later issued a statement regarding the meeting with US President Trump: Earlier today, Intel CEO Mr. Lip-Bu Tan had the honor of meeting with US President Trump for a candid and constructive discussion about Intel's commitment to strengthening American leadership in technology and manufacturing. We thank the President for his strong leadership in advancing these key priorities and look forward to working closely with him and his administration as we rebuild this great American company.

Trump's latest comments marked a stark contrast to his tone last week. In a Truth Social post on Thursday, the president wrote that Lip-Bu Tan "has a serious conflict of interest and must resign immediately. There is no alternative solution."

Intel responded later that day, stating that the company, its directors, and Lip-Bu Tan are "firmly committed to advancing the national and economic security interests of the United States."

The Trump administration has taken a hard line against the business community, particularly in the semiconductor market. Over the weekend, Nvidia agreed to pay the federal government a 15% royalty in exchange for an export control license allowing it to resume selling its H20 chips. Nvidia CEO Jensen Huang met with Trump at the White House on Friday.

President Trump said on Monday that he initially demanded a 20% royalty from Nvidia on sales, but that percentage was reduced to 15% after negotiations with CEO Jensen Huang. When 65-year-old Lip-Bu Tan took over Intel, the struggling chipmaker had failed to make significant progress in the artificial intelligence market dominated by Nvidia and was burning money to build its foundry chip manufacturing business.

Born in Malaysia and raised in Singapore, Lip-Bu Tan moved to the United States and earned a master's degree from MIT. In late July, he said his first few months as Intel CEO had been difficult, with the company laying off employees and cutting investment in its foundry division. He told employees that Intel had canceled plans for manufacturing plants in Germany and Poland and would slow development in Ohio.

"Turning the company around will take time and patience," Lip-Bu Tan said on a July conference call with analysts. "We have a lot of issues to address to move the company forward."

As of Monday's close, Intel's stock price had risen 3% this year, while the S&P 500 had gained 8.4%.