Chips are down as Trump bars Broadcom bid

Donald Trump and the Broadcom-Qualcomm deal: Who will blink?

But the presidential order blocked any further attempt, even if it was handled indirectly, and disqualified any of Broadcom's potential director appointees to Qualcomm's board. It's probably safe to assume that Broadcom will take great schadenfreude from any grief the Qualcomm board receives from investors in the coming weeks.

Although we are disappointed with this outcome, Broadcom will comply with the Order.

He added the government is not trying to "make any other statement about Broadcom or its employees, including its thousands of hard-working and highly skilled U.S. employees".

Lewis said a controversial proposal floated earlier this year that would have nationalized the United States' 5G network shows how anxious the administration is about espionage using telecom networks.

And not everyone thinks the U.S. national security concerns over the deal are justified.

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"They honestly believe they are helping to protect national security by doing this", Fleming said. However, the company issued another press release indicating that they were withdrawing their offer to acquire Qualcomm, but would still be moving forward with its redomiciliation process.

Broadcom breached the order and took steps to hurry the move to the U.S. without notifying the government, a senior official said in a Sunday letter from the U.S. Department of the Treasury, which manages the CFIUS process. Morningstar analyst Brian Colello expects Broadcom to hunt for more deals once it moves to the U.S.

Shares of tech firms across the USA markets tumbled after Singapore-based chipmaker Broadcom ended its bid to buy its US -based competitor, semiconductor and telecommunications giant Qualcomm. And all of it was enabled by a regulatory body focused on foreign acquisitions of US companies, even though the acquirer was scheduled to stop being "foreign" in just a few weeks. The whole thing is pure protectionism and could lead to retaliation from other countries. Lawmakers accused the company of having close links to Beijing, and said it posed a threat to United States national security.

"This decision hangs a huge "not-for-sale" sign on just about every American semiconductor firm", said Scott Kennedy, who studies China's economic policy at the Center for Strategic & International Studies in Washington.

The Chinese company has described the allegations as "baseless".

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