Broadcom strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns. - BroadcomBroadcom is actually made up of two companies. Singapore-based Avago acquired the original Broadcom and took its name. They make chips used in wireless and other networks. Broadcom announced at the end of last year that it was looking forward to relocating its headquarters to the U.S. It is unusual for the U.S. government to block as huge as this one. The purchase - which would have been the largest tech deal in history - hadn't even been agreed to yet by the two companies. Blocking it also shows the Trump administration's dogmatic stance on perceived threats from foreign investors and the growing technological might of China. According to Axios, the underlying reason behind the move is because of 5G. Qualcomm is the leader in building 5G technology for U.S. telecommunications industry. The Trump Administration was concerned that Broadcom would put an end to Qualcomm’s 5G efforts, paving the way for Chinese telecommunications giant Huawei to take over as the industry leader. By 8 p.m. Eastern Time, Qualcomm’s stock price had dropped 4.47% in after-hours trading on the White House’s statement.
India Coronavirus Cases Update 145,380 Total 4,167 (2.9%) Deaths 60,491 (41.6%) Recovered
26 May 2020, 4:22 AM (GMT)