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President Donald Trump hugs Broadcom CEO Hock Tan during an event to announce the company is moving its global headquarters to the United States Photo: Evan Vucci / AP

Singapore-based chip manufacturer Broadcom is moving operations back to the U.S., pending shareholder approval, President Trump announced Thursday. The company, whose corporate headquarters is in San Jose, said the newly released GOP tax reform proposal will make it easier to do business in the U.S., although it also said its move will happen even if the proposal doesn't pass.

Why it matters: Trump claimed credit for Broadcom's decision, saying in his Oval Office announcement that his administration is working to make the U.S. business climate attractive " so that more and more companies like Broadcom come back to our shores, grow their businesses and credit more and more American jobs."

Broadcom CEO Hock Tan said in a statement said the move would bring $20 billion in annual revenue to the U.S., in addition to $4 billion in research and $6 billion in manufacturing.

What to watch: Becoming a U.S.-based company has other benefits for Broadcom, whose $5.5 billion acquisition of U.S. company Brocade is still under review by the Committee on Foreign Investment in the United States (CFIUS). Broadcom could skirt that review by becoming a U.S.-based firm, the Washington Post notes.

History lesson: The modern Broadcom is actually the result of Singapore-based Avago Technologies buying Irvine, Calif.-based Broadcom and keeping the name of the American entity. The original Broadcom was one of the biggest tech companies to emerge out of Orange County, Calif. It was founded in 1991 by two Henrys from UCLA, Henry Nicholas and Henry Samueli. Nicholas was pushed out as CEO amid allegations of accounting irregularities as well as personal drug use.

Go deeper

Dave Lawler, author of World
2 hours ago - World

Oxford and AstraZeneca's vaccine won't just go to rich countries

Waiting, in New Delhi. Photo: Jewel Samad/AFP via Getty Images

While the 95% efficacy rates for the Moderna and Pfizer/BioNTech vaccines are great news for the U.S. and Europe, Monday's announcement from Oxford and AstraZeneca may be far more significant for the rest of the world.

Why it matters: Oxford and AstraZeneca plan to distribute their vaccine at cost (around $3-4 per dose), and have already committed to providing over 1 billion doses to the developing world. The price tags are higher for the Pfizer ($20) and Moderna ($32-37) vaccines.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Vaccines: Key information about the effective COVID-19 vaccines — Oxford University's 90%-effective vaccine.
  2. Health: U.S. coronavirus hospitalizations keep breaking recordsWhy we're numb to 250,000 coronavirus deaths — Americans line up for testing ahead of Thanksgiving.
  3. Travel: Air travel's COVID-created future — Over 1 million U.S. travelers flew on Friday, despite calls to avoid holiday travel.
  4. World: England to impose stricter regional systemU.S. coronavirus hotspots far outpacing Europe's — Portugal to ban domestic travel for national holidays.
  5. Economy: The biggest pandemic labor market drags.
  6. Sports: Coronavirus precautions leave college basketball schedule in flux.

Biden transition names first Cabinet nominees

Biden with John Kerry. Photo: Justin Sullivan/Getty Images

President-elect Joe Biden on Monday unveiled his nominations for top national security positions in his administration, tapping former Secretary of State John Kerry as his climate czar and former deputy national security adviser Avril Haines as director of national intelligence.

Why it matters: Haines, if confirmed, would make history as the first woman to oversee the U.S. intelligence community. Biden also plans to nominate Alejandro Mayorkas to become the first Latino secretary of the Department of Homeland Security.