Hawley: Intel Investing Billions In China AI & Semi, CEO 45% pay increase while cutting 15K jobs

Hawley Exposes Intel Corp. Exec For Investing Billions In China But Not Condemning Its Slave Labor

On 9/10/2024, Homeland Security and Governmental Affairs Permanent Subcommittee on Investigations hearing, U.S. Senator Josh Hawley (R-Mo.) questioned Intel Corporation’s Chief Trade Officer Jeff Rittener on his company’s documented groveling to China, namely the billions it has invested in Chinese artificial intelligence and other technologies.

Senator Hawley went on to call out Rittener for favoring Beijing, America’s chief competitor, and Intel’s executives over his own company’s rank-and-file employees. “Did you think it was efficient to give your CEO a 45 percent pay increase year-over-year, while you’re cutting 15,000 jobs?” Senator Hawley asked Rittener.

Senator Hawley also pressed Rittener on China’s well-documented use of slave labor. The Intel executive repeatedly evaded answering questions surrounding forced-labor in China, prefacing he’s “not an expert” on the topic. “It doesn’t take an expert,” Senator Hawley countered. “It should not be hard to say that American jobs are important, American national security’s important, and slave labor is wrong,” he concluded.

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Hawley: Intel Investing Billions In China AI & Semi, CEO 45% pay increase while cutting 15K jobs

Key Points

Hawley Exposes Intel Corp

• Exec For Investing Billions In China But Not Condemning Its Slave Labor

On 9/10/2024, Homeland Security and Governmental Affairs Permanent Subcommittee on Investigations hearing, U

• ) questioned Intel Corporation’s Chief Trade Officer Jeff Rittener on his company’s documented groveling to China, namely the billions it has invested in Chinese artificial intelligence and other technologies
• Senator Hawley went on to call out Rittener for favoring Beijing, America’s chief competitor, and Intel’s executives over his own company’s rank-and-file employees

Transcript Highlights

The following is transcribed from the video audio:

• Why is it that your company is investing so much in China, particularly in Chinese artificial intelligence and semiconductor startups
• Yeah, China is the second largest economy in the world
• We, any proceeds that we actually make in China, we reinvest back into the US so that we can contribute to US leadership
• So you’re telling me it’s good for the United States that you are investing billions of dollars in Chinese artificial intelligence
• Let me just read you from a Financial Times article
• Intel’s venture capital arm has emerged as one of the most active foreign investors in Chinese artificial intelligence and semiconductor startups at a time that the chipmaker is receiving billions of dollars from Washington to fund a technological arms race with Beijing
• Is the money that you’re getting from the United States government enabling your investment in China
• At this point, we have not received money from the United States, but the money that we’re to receive is invested entirely in the United States to grow a semiconductor manufacturing
• You have 43 China based technology startups
• Since the, your venture fund was launched in the early 1990s, it’s invested in more than 120 Chinese groups, including their data provider, Crunchbase

Full transcript: 1024 words transcribed via Whisper AI.