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Intel’s stock plummeted more than 3% on the news, while other chip companies — AMD, NVIDIA and TMSC — saw their stock rise significantly.

Chips cashed in: D.C.’s big tech week

It’s been a big week in Washington for technology companies and chipmakers.

President Donald Trump called this morning for Intel Corp. to fire its CEO, Lip-Bu Tan. Senate Intelligence Committee Chair Tom Cotton (R-Ark.) wrote a letter to the chair of Intel's board of directors Wednesday in which he said Tan “controls dozens of Chinese companies and has a stake in hundreds of Chinese advanced-manufacturing and chip firms.”

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Punchbowl News Presents

Our new weekly show, Fly Out Day, brings you inside the most consequential decisions shaping Congress with the people at the center of the story. From Hill leadership to Washington’s most-plugged in reporters, join us straight from our townhouse each Thursday evening. Watch the latest episode now.