Shares in the chipmaker were higher in pre-market trading as US president Donald Trump signalled he was open to working with Intel (INTC) boss Lip-Bu Tan to explore how the US government could help the company. This was a softening of his previous stance that the tech executive should quit his job.
In a post to Trump-affiliated social media network Truth Social, the president said that Tan’s “success and rise is an amazing story”, a sharp contrast to a post he made on Thursday calling Tan “highly CONFLICTED” and calling on the CEO to “resign, immediately”.
In the latest post, Trump said his meeting with Tan, commerce secretary Howard Lutnick and treasury secretary Scott Bessent “was a very interesting one”. Tan and members of the Trump cabinet “are going to spend time together, and bring suggestions to me during the next week”, the president wrote.
Intel (INTC) also released a statement acknowledging that the two met and saying they had “a candid and constructive discussion on Intel’s commitment to strengthening US technology and manufacturing leadership”.
Shares in cannabis company Tilray Brands (TLRY) surged by 14% ahead of the US opening bell, after soaring by 41% on Monday's session after reports that Trump is contemplating reclassifying marijuana, a move that could significantly impact the industry.
According to the Wall Street Journal, Trump last week told attendees at a fundraising dinner that he was interested in reclassifying the drug.
While cannabis is fully legal, including for recreational use, in 24 US states, the use and possession of the drug is illegal at the federal level.
Cannabis is currently classified as a Schedule I drug in the US, putting it in the same category as heroin, LSD and ecstasy.
Speaking to reporters at the White House on Monday, Trump said he would make a determination on the legal classification of the drug over the next few weeks.
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“We're looking at reclassification and we'll make a determination over the next —. I would say over the next few weeks, and that determination hopefully will be the right one. It's very complicated subject,” Trump said.
The reclassification, specifically moving marijuana to a Schedule III drug classification, would ease federal restrictions and potentially make the multibillion-dollar cannabis industry more profitable. This is because it would allow cannabis companies to take normal business tax deductions, a benefit they are currently denied under the existing tax code.
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