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End of Qualcomm-Broadcom deal raises more questions than it answers

Broken smartphone
Illustration: Rebecca Zisser/Axios

Broadcom's deal to buy Qualcomm is dead, but its demise leaves both companies facing an uncertain future.

The bottom line: Qualcomm's management, already under pressure from both shareholders and antitrust regulators, now has to prove it really is worth more than Broadcom was willing to pay. As for Broadcom, it's now likely a question of eat or be eaten.