Silicon Valley chipmaker has invested in more than 40 Chinese start-ups while also receiving billions in US grants
Intel’s venture capital arm has emerged as one of the most active foreign investors in Chinese artificial intelligence and semiconductor start-ups, at a time the $147bn chipmaker receives billions of dollars from Washington to fund a technological arms race with Beijing.
In June, the Biden administration unveiled rules to curb US financing for Chinese technology that could have military purposes, such as AI, quantum computing and semiconductors. The regulations are expected to be finalised this year. However, the US group has slowed down its deal making in China over the past 18 months, according to data provider ITjuzi, completing just three deals since the start of 2023. Investment controls and a slowdown in the Chinese economy, as well as lasting repercussions from Beijing’s crackdown on tech companies, have hit start-up valuations and viability.
“The Chinese Communist party remembers the old communist slogan that ‘the capitalists will sell us the rope with which we will hang them’,” said Moolenaar. “We need strong outbound capital restrictions to prevent American firms from investing in companies closely tied to the CCP’s armed forces.” Intel Capital declined to comment.
Intel Capital’s China business is run by Tianlin Wang, a lifelong Intel employee and head of the unit since 2017. It has six other investment directors in the country. Globally, Intel Capital has invested more than $20bn since the early 1990s and is led by Anthony Lin in San Francisco.
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