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Broadcom pulls plug on Qualcomm pursuit

Illustration: Rebecca Zisser / Axios

Broadcom this morning withdrew its $117 billion offer to acquire Qualcomm, following President Trump's decision to block the deal for reasons of national security. The Singapore-based chipmaker also reiterated its previously-announced plans to redomicile in the U.S.

Go deeper: The fallout from Qualcomm's victory

Broadcom's statement:

Although we are disappointed with this outcome, Broadcom will comply with the Order. Broadcom will continue to move forward with its redomiciliation process and will hold its Special Meeting of Stockholders as planned on March 23, 2018.
Broadcom’s Board of Directors and management team sincerely appreciate the significant support we received from the Qualcomm and Broadcom stockholders throughout this process.
Broadcom thanks the independent nominees who stood for election to the Qualcomm board, not only for their time and effort but also for their unwavering commitment to act in the best interests of Qualcomm stockholders.
Broadcom appreciates the following statement from U.S. Treasury Secretary and CFIUS chair Steven Mnuchin on March 12: “This decision is based on the facts and national security sensitivities related to this particular transaction only and is not intended to make any other statement about Broadcom or its employees, including its thousands of hard working and highly skilled U.S. employees.
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D.C.'s March for our Lives: "The voters are coming"

Protestor at D.C.'s March for our Lives.
Protestor at D.C.'s March for our Lives. Photo: Axios' Stef Kight.

D.C.'s March for our Lives event is expected to see more than half a million participants.

Why it matters: While D.C. is the primary march, there are hundreds of others around the world and across the country. Led by students, the march is "to demand that a comprehensive and effective bill be immediately brought before Congress to address" gun issues, per the organization's mission statement.

Mike Allen 5 hours ago
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How Trump created a new era of high risk

Illustration: Lazaro Gamio / Axios

On Jan. 26, just over a year into his presidency, President Trump had a president's dream: peace and prosperity. The Dow Jones industrial average, S&P 500 and Nasdaq all hit record highs.

Where it stands: Since then, Trump has injected multiple new risks into the system.