Broadcom abandons plans to buy Qualcomm after Trump blocks it

Broadcom is no longer pursuing plans to buy Qualcomm after Trump issued an executive order blocking the $117 billion takeover proposal over fears the deal would "impair the national security of the United States." "Although we are disappointed with this outcome, Broadcom will comply with the Order," the Singapore-based company that's currently in the process of redomiciling to the U.S., said in a press release on Wednesday. SEE ALSO: Qualcomm's new X24 LTE modem can reach a ridiculously fast 2 gbps Broadcom has been under investigation by the Committee on Foreign Investment in the United States (CFIUS) over concerns the company's buyout of Qualcomm could stifle the chipmaker's development of 5G technologies.  Read more...More about Trump, Qualcomm, 5g, Broadcom, and Tech