(WASHINGTON) — President Donald Trump called on the CEO of Intel, Lip-Bu Tan, to resign “immediately.”
“The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem. Thank you for your attention to this problem!” the president wrote on his social media platform.
Trump did not explain why Tan should resign, nor did he provide evidence for his allegation of a conflict of interest. But the post comes after Republican Sen. Tom Cotton raised concerns about Tan’s alleged ties to China.
“I write to express concern about the security and integrity of Intel’s operations and its potential impact on U.S. national security. In March 2025, Intel appointed Lip-Bu Tan as its new CEO. Mr. Tan reportedly controls dozens of Chinese companies and has a stake in hundreds of Chinese advanced-manufacturing and chip firms. At least eight of these companies reportedly have ties to the Chinese People’s Liberation Army,” Cotton wrote in a letter to Intel Corporation’s Board of Directors Chairman Frank Yeary earlier this week.
Tan has served as Intel CEO since March. Previously, Tan spent 12 years as CEO of Cadence Design Systems, a San Jose, Calif.-based software and tech firm, according to Intel’s website.
Tan, who was born in Malaysia and raised in Singapore, is a founding managing partner of venture capital firm Walden Catalyst.
Shares of Intel fell more than 3% in midday trading.
Stanislav Kogiku/SOPA Images/LightRocket via Getty Images
(LONDON) — The Nintendo Switch 2 is off to a turbo-charged start, thanks to a little help from Mario and his friends in Mario Kart World, smashing its own sales record by becoming the fastest selling Nintendo game system ever with more than 3.5 million units sold in just four days.
Nintendo sold an estimated 2.7 million units of the original Nintendo Switch in its first month when it launched in March 2017, but have now managed to move over 3.5 million units in just 96 hours, an almost 30% increase in sales in a much shorter period, the company said.
The Japanese company released the latest sales numbers on Wednesday and are aiming to sell 15 million units by March next year, putting them on track to meet or exceed expectations in the coming weeks and months. “Fans around the world are showing their enthusiasm for Nintendo Switch 2 as an upgraded way to play at home and on the go,” said Nintendo of America President and Chief Operating Officer Doug Bowser. “We are thankful for their response and happy to see the fun they are already having with Nintendo Switch 2 as they explore new features and games that bring friends and family together in new ways.”
The Nintendo Switch 2 is the next generation console for the company, its first new system release in eight years, and features a larger screen capable of full 1080p high-definition display, a faster processor that allows for enhanced graphics and performance, as well as redesigned magnetic Joy-Con 2 controllers with mouse functionality, Nintendo said. The system also debuts the new GameChat2 feature where players can voice or video chat and share game screens with friends online.
“You’ll probably see a first batch of people who can’t live without it,” van Dreunen said. “If you’re a die-hard [Switch] fan, it’s like standing in line for the new Harry Potter book or movie,” Joost van Dreunen, a professor at New York University’s Stern School of Business and writer of the SuperJoost Playlist, a games industry-focused newsletter, told ABC News last week.
“Nintendo is making a carefully calculated bet with the Switch 2 that will pay off,” van Dreunen continued. “While some might have hoped for a more revolutionary device, Nintendo’s evolutionary approach shows deep market understanding … The console’s focus on accessible and social gaming — rather than competing with Microsoft and Sony on technical specs — underscores Nintendo’s commitment to shared experiences for all ages.”
The Nintendo Switch 2 system launched alongside the first brand new Mario Kart game in 11 years called Mario Kart World, featuring an interconnected world where you can drive virtually anywhere with dynamic weather conditions, new game modes and up to 24 drivers at once — the most in the 33-year-old series history.
Nintendo is hoping to build a base, as well as excitement for its new system, ahead of next month’s launch of a new 3D platforming game starring Donkey Kong called Donkey Kong Bananza, which Nintendo says will let players “unleash their inner Kong as they smash and bash their way through a wild, mayhem-packed action adventure.”
After its global launch last Thursday, Nintendo Switch 2 is now available for the retail price of $449.99, and is also available as a bundle with a digital download of “Mario Kart World” for $499.99.
(NEW YORK) — Inflation cooled in the aftermath of President Donald Trump’s “Liberation Day” levies last month, dropping to a four-year low and defying fears of tariff-driven price hikes, government data this week showed.
Even egg prices — a symbol of rising costs — fell about 10% in April compared to the previous month.
Still, prices for some products continued to soar, including everyday items such as coffee and beef.
It’s normal for some prices to rise at a much faster pace than overall inflation, said Omar Sharif, founder and president of research firm Inflation Insights. The impact, he added, depends on the role such items play in a given person’s finances.
“At the end of the day, what’s important is the weight of the price change in your budget,” Sharif said, noting stubborn price hikes for some goods may be offset by price drops for others.
Here’s what to know about which prices are still climbing and what’s behind the trend:
Coffee
Coffee prices soared 9.6% in April compared to a year ago, marking inflation four times higher than the overall rate. Instant coffee prices climbed even faster, jumping 13.5% over the past year.
The spike in coffee prices comes down to a dearth of supply alongside robust demand, meaning too many dollars are chasing after too few coffee beans, David Ortega, a food economist at Michigan State University, told ABC News.
Recent droughts in Vietnam and Brazil — two of the world’s largest coffee producers — have restricted global output, Ortega said.
“These price increases are primarily driven by weather shocks,” Ortega added.
Meanwhile, coffee drinkers avail themselves of few alternatives, resulting in consistent demand for the product.
Beef
A spike in beef prices also stems from a supply shortage that traces back to drought conditions, Ortega said.
Ground beef prices soared 10% in April compared to a year ago, while the costs of beef steaks increased 7% over that period, government data showed.
In 2022, a major drought in the beef-producing regions of the U.S. forced cattle herders to sell off more animals than usual, since the drought raised costs for cattle feed, which in turn made it more expensive for ranchers to maintain their herds, Ortega said.
Many of those ranchers, he added, sold off cattle necessary to produce future beef supply.
“The national beef herd is at its lowest level in decades – and demand is strong,” Ortega said. “When those two things meet each other, you get this big rise in prices.”
Car repairs
Car repair prices soared 7.6% in April compared to a year earlier, amounting to inflation three times higher than the overall rate.
The trend owes in large part to the rise of high-tech cars, equipped with features like rearview cameras and traffic sensors, which have added cost to even some routine repairs, Brian Moody, executive editor at Autotrader, told ABC News.
A shortage of workers has exacerbated the cost woes for repair companies as they bolster compensation to attract and retain employees, sending prices higher, Moody added.
“More people want technology in their cars,” Moody said. “That technology requires greater skill to manage and fix, but at the same time, there’s a shortage of technicians and workers.”
Men’s and women’s outerwear Overall apparel prices dropped slightly over the year ending in April, but some items may still deliver sticker shock for spring shoppers.
Prices for men’s outerwear, including suits and sports coats, climbed 5.3% over the year ending in April, which amounts to inflation more than double the overall rate.
Women’s outerwear costs — which include jackets, coats and vests — surged even faster, climbing 6.2%.
Sharif, of Inflation Insights, said the reason for these price increases is murky since they have coincided with a much slower rise in costs for producers of men’s outerwear and an outright drop in production costs for women’s outerwear.
The ample supply of such products means the price hikes likely result from quirks in consumer taste, potentially resulting from the prices commanded by specialty brands, Sharif added.
“Shifting trends in demand may be pushing prices higher,” Sharif said.
(NEW YORK) — Nearly two million student loan borrowers are at risk of having their wages garnished next month, credit-reporting agency TransUnion said on Tuesday.
Fresh data shows a sharp increase in the number of delinquent student loan borrowers in recent months, following the end of a pandemic-era pause on student debt payments.
Student loan borrowers are considered delinquent if they fail to make a loan payment for 90 days. When late payment stretches on for a total of 270 days, then the borrower falls into default.
Roughly 6 million student loan borrowers entered delinquency between February and April, TransUnion said, estimating that about one-third of those borrowers could enter default in July.
When a federal student loan enters default, the government can send it for collections, garnishing wages or even taking money from Social Security payments or tax refunds.
The Trump administration started collecting defaulted student loan payments in May, lifting a pause initiated in 2020 at the onset of the COVID-19 pandemic.
“We continue to see more and more federal student loan borrowers being reported as the 90+ days delinquent, making a larger number of consumers vulnerable to entering default and the start of collections activities,” Michele Raneri, vice president and head of U.S. research and consulting at TransUnion, said in a statement.
Some borrowers’ credit scores have also suffered. Student loan holders who have entered delinquency in recent months have suffered an average credit-score reduction of 60 points, TransUnion data showed.
Roughly one in five of the newly delinquent borrowers held relatively strong credit ratings of prime or above.
“This underscores the fact that student loan borrowers of any credit risk tier can find themselves falling behind in their payments and at risk for default, even during a time in which we’ve seen most consumers are managing their debt relatively well,” Joshua Turnbull, senior vice president and head of consumer lending at TransUnion, said in a statement.
The risk to borrowers’ credit scores dates back to policy decisions made when former President Joe Biden’s administration resumed federal student loan payments after a period of relief that had been enacted during the COVID-19 pandemic.
When the Biden administration lifted the pause in the fall of 2023, the White House set in motion a 12-month moratorium. The administration did not count late payments toward delinquency. That moratorium ended in October, meaning borrowers could be considered delinquent if they didn’t make payments for more than 90 days, returning to the way the process worked pre-pandemic.
In all, some 42 million borrowers owe more than $1.6 trillion in student debt, the Department of Education said in April.
Despite the surge in newly delinquent borrowers, many of the loan holders still have time to avert garnished wages. Just 0.3% of the newly delinquent borrowers have already entered default, TransUnion said.
