Intel CEO Lip-Bu Tan has been at the center of a series of high-stakes startup deals that intersect with his personal venture investments, according to people familiar with the matter. The most prominent case involves Rivos, an artificial intelligence chip startup where Tan serves as chairman. Tan pitched Intel’s board on buying Rivos in the summer of 2025, but the directors rejected the idea, citing his conflict in representing both Rivos and Intel and his lack of a defined artificial intelligence strategy to justify the acquisition. Afterward, Tan asked a lieutenant at Intel to develop a new artificial intelligence plan, which helped trigger partnership talks with Rivos just as Meta was moving to buy the startup.
Meta’s pursuit of Rivos prompted Intel to submit its own offer, leading to a bidding contest that escalated the value of the deal. The competition for the startup drove the deal and incentives above the $2 billion valuation that Rivos had sought in fundraising earlier this year, and some sources pinned this package at around $4 billion. Meta ultimately announced plans to buy Rivos in September, and by then the bidding process had boosted the startup’s returns at Meta’s expense. Reuters could not determine how much Tan personally gained as a Rivos shareholder, but his venture firm Walden Catalyst publicly celebrated a “successful outcome” for investors and praised the Rivos team for their “remarkable achievement.”
The Rivos dealings are one of at least three instances in which Intel has explored or executed deals that could benefit Tan financially, including proposed moves involving artificial intelligence computing startup SambaNova, where he served as executive chairman. Tan pitched Intel’s board on buying SambaNova, with supporters arguing the company could contribute technology and talent for building artificial intelligence chips, though internal debate continued and the companies declined to comment on specific talks. These maneuvers unfolded as Intel struggles with a stagnating $28 billion plan to construct two microchip processing facilities in the Licking County portion of New Albany, a project whose production start has slipped from this year to at least 2030.
Intel brought in Tan in March partly for his deep venture capital background and extensive connections across the semiconductor and technology sectors, which have already helped secure a $5 billion investment from Nvidia and a $2 billion investment from SoftBank. The company has since put in place policies requiring Tan to recuse himself from board and Intel Capital decisions where he has a conflict, with authority in such cases shifting to Chief Financial Officer David Zinsner, who reports to Tan. Intel’s board accepted the risk of potential conflicts when hiring Tan, hoping he could reverse fortunes at a company that lost $19 billion last year, and said his network is vital to capturing the next wave of industry innovation. Tan, who does not see his dealmaking as conflicted, believes his dual roles allow him to negotiate transactions that benefit all parties, while Intel insists it maintains the highest standards of governance.
The governance questions around Tan’s portfolio are magnified by Intel’s growing strategic importance to the U.S. government. The administration of President Donald Trump agreed to make an $8.9 billion investment for what would be the largest ownership stake in the chipmaker, effectively making U.S. citizens shareholders. Tan’s investments have already drawn political scrutiny, including a Reuters report that his firms held stakes in more than 600 Chinese companies, some with military ties, prompting Trump to publicly label him “highly CONFLICTED” before a subsequent Oval Office meeting eased those concerns. Regulatory disclosures on related-party transactions involving Tan are not due until the spring of 2026, and U.S. rules mandate reporting when such deals personally benefiting corporate officers exceed $120,000, although experts note smaller amounts can still matter to investors. Despite the controversy, Intel’s share price has roughly doubled since Tan’s appointment, outpacing the percentage gains of the S&P 500 and chip leader Nvidia in that period.
