Lip-Bu Tan’s venture-capital firm has supported some of the biggest names in China’s chip industry. With U.S.-China tensions running high, those investments no longer look so benign.

U.S. President Donald Trump on Thursday demanded the immediate resignation of new Intel CEO Lip-Bu Tan, calling him "highly conflicted" due to his ties to Chinese firms and raising doubts about plans to turn around the struggling American chip icon.

Intel boss Lip-Bu Tan dismissed President Donald Trump’s statements over his career as “incorrect.” The American President had earlier called out the tech executive for being “highly conflicted” and asked him to step down.