Applied Materials agreed to buy Japanese chip-making equipment company Kokusai Electric from KKR for around $2.2 billion in cash.

Why it matters: It reflects the secondary deal effects of consolidation, as rampant chipmaker mergers have put pressure on suppliers like Applied Materials to also supersize. It also comes three years after Applied Materials was blocked by U.S. regulators from buying another Japanese chip company, Tokyo Electron, and on the same day that chip stocks are surging on President Trump's policy reversal on Huawei.

  • ROI: KKR paid around $2.2 billion in 2017 to buy Hitachi Kokusai, which essentially included two different companies. One of them is being sold in this deal, while KKR continues to own the other (which makes video and communications equipment).

The bottom line: "The acquisition will expand Applied Materials' product lineup at a time when the semiconductor industry is racing to develop more advanced chips for applications including 5G networks and artificial intelligence... The U.S. company's market share is expected to rise to more than 20% from 18% after the acquisition," writes Nikkei, which first broke the deal news.

Go deeper: Computer chips are still "Made in USA"

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Voters visit polls in Arizona, Kansas, Michigan, Missouri, Washington

Photo: Michael B. Thomas/Getty Images

Primary elections on Tuesday in fives states see crowded fields of both Republicans and Democrats hoping to make the ballot in 2020.

What to watch: Rep. Rashida Tlaib (D-Mich.) is "fighting for her political life" in a tight primary race against Detroit City Council President Brenda Jones, who Tlaib beat by 900 votes in 2018, The New York Times writes. Senate Republicans are also watching the primary race in Kansas to see who could replace retiring Republican Sen. Pat Roberts.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 18,387,725 — Total deaths: 696,586 — Total recoveries — 10,976,180Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m. ET: 4,758,028 — Total deaths: 156,426 — Total recoveries: 1,513,446 — Total tests: 57,543,852Map.
  3. States: New York City health commissioner resigns in protest of De Blasio's coronavirus response — Local governments go to war over schools.
  4. Public health: 59% of Americans support nationwide 2-week stay-at-home order in NPR poll.
  5. Politics: Trump's national security adviser returns to work after coronavirus recovery Republicans push to expand small business loan program.
  6. Sports: Indy 500 to be held without fansRafael Nadal opts out of U.S. Open.
Updated 1 hour ago - World

At least 50 killed, 3,000 injured after massive explosion rocks Beirut

Photo: Anwar Amro/AFP via Getty Images

A major explosion has slammed central Beirut, Lebanon, damaging buildings as far as several miles away and injuring scores of people.

Driving the news: Lebanon's health minister said in televised remarks that more than 50 people have been killed and over 3,000 injured. Prime Minister Hassan Diab said the explosions occurred at a warehouse that had been storing 2,750 tons of ammonium nitrate for the past six years, per NBC.