President Donald Trump issued an executive order on Friday to block a $2.9 million computer chips deal that he believed posed a threat to U.S. security interests. The deal, announced in May 2024 during President Joe Biden’s administration, involved Emcore Corp. selling its computer chips and wafer fabrication operations to HieFo Corp. for $2.92 million. Trump is now requiring HieFo to divest the technology within 180 days due to concerns about the current owner’s citizenship.
HieFo, founded by Dr. Genzao Zhang and Harry Moore, had plans to oversee the technology acquired from Emcore with the same team in Alhambra, California. Zhang, who was previously a vice president of engineering at Emcore, became HieFo’s CEO and promised to continue developing innovative technology, including artificial intelligence solutions.
HieFo has not yet responded to Trump’s order. Emcore, which was publicly traded at the time of the deal, was later taken private by Charlesbank Capital Partner.
(Source: Associated Press)
