Intel CEO Claims Huge Tech Stock Gains Are Not Because of Trump

RYAN R. SMITH/AFP/Getty Images
RYAN R. SMITH/AFP/Getty Images

Intel CEO Brian Krzanich claimed the “impressive rally” in technology stocks has nothing to do with President Donald Trump during a conference this week.

“I don’t believe, especially when you look at the technology stocks, people look at government or politics as to how they value us,” declared Krzanich on Tuesday at the Web Summit Technology Conference in Lisbon, Portugal.

According to CNBC, Krzanich “said investors were more likely to focus on profit and revenue growth instead,” and “while Intel’s CEO insisted he was a technologist — and not an economist — he said products, growth and the amount of innovation within the sector would continue to support technology stocks ‘more than anything in politics.'”

Breitbart News’ John Carney reported Tuesday that the Dow Jones Industrial Average has risen 29 percent since Donald Trump was elected president, “the best post-election, one-year performance for a first-term president since Franklin Roosevelt’s in 1932.” On Friday, the Associated Press reported that the S&P 500 closed at a record high for eight straight weeks of gains.

Krzanich worked with President Trump on the now-defunct American Manufacturing Council before leaving in protest following the violence at the Charlottesville protests.

According to a report by Breitbart News’ John Binder, “as Trump’s manufacturing council was set up to bring back manufacturing and jobs to the U.S., Intel has been doing just the opposite since 2013.”

Since 2013, the Intel Corporation attempted to import more than 8,000 H-1B workers. At the same time, as Breitbart News reported, the company under Krzanich’s direction laid off 12,000 Americans last year.

The H-1B visa allows corporations to outsource hundreds of thousands of jobs to foreign workers. Each year, more than 100,000 are able to enter the U.S. to take coveted, white-collar jobs.

Intel, like other tech outsourcers IBM and Microsoft, moved thousands of American jobs to India in the last two decades as a labor cost-saving measure.

In Malaysia, where the median income is about $396 U.S. dollars a month, according to the Department of Statistics Malaysia, Intel now employs 9,000 on two locations, making it the corporation’s largest offshore site.

Charlie Nash is a reporter for Breitbart Tech. You can follow him on Twitter @MrNashington and Gab @Nash, or like his page at Facebook.