President Donald Trump on Friday ordered the unravelling of a USD 2.9 million computer chips deal that he concluded threatened US security interests if the current owner, HieFo Corp., remained in control of the technology. The executive order cast a spotlight on a business deal that drew scant attention when it was announced in May 2024 during President Joe Biden`s administration.

The deal involved aerospace and defence specialist Emcore Corp. selling its computer chips and wafer fabrication operations to HieFo for USD 2.92 million " a price that included the assumption of about USD 1 million in liabilities. But Trump is now demanding that HieFo divest that technology within 180 days, citing "credible evidence" that the current owner is a citizen of the People`s Republic of China. HieFo was founded by Dr. Genzao Zhang and Harry Moore. According to a press release that came out after the deal closed, plans for the technology acquired from Emcore were to be overseen by largely the same team of employees in Alhambra, California.