Qualcomm CEO Steve Mollenkopf. Photo: Qualcomm

Qualcomm is likely to announce later today it is dropping its stalled plan to acquire NXP Semiconductors and instead launch a stock buyback, CNBC reported.

Why it matters: The deal's end was expected as Qualcomm's bid has been caught up in US-China politics with no end in sight. Qualcomm's current offer expires just before midnight (Eastern Time) tonight and Qualcomm reports earnings later today.

Qualcomm declined to comment ahead of its earnings report.

What's next: Even with a buyback, Qualcomm will be under pressure to show that it can grow its chip business significantly beyond its cell phone roots, while ideally also maintaining its licensing business.

History Lesson: The deal was announced back in October 2016 and the tender offer has been extended multiple times as the companies have worked, unsuccessfully, to get approval from Chinese regulators.

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Americans reflect on Independence Day amid racism reckoning

A Black Lives Matter banner and a United States flag on the facade of the U.S. embassy building in Seoul, South Korea. Photo: Simon Shin/SOPA Images/LightRocket via Getty Images

America's leaders are rethinking how they view Independence Day, as the country reckons with the historic, unequal treatment of people of color during a pandemic which has disproportionately affected nonwhite Americans.

Why it matters: The country’s legacy of racism has come into sharp focus in the weeks of protests following the death of George Floyd while in Minneapolis police custody. From Confederate statues to Mount Rushmore, Americans are reexamining the symbols and traditions they elevate and the history behind them.

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Illustration: Aïda Amer/Axios

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Washington Redskins to review team name amid public pressure

Photo: Patrick McDermott/Getty Images

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Why it matters: This review is the first formal step the Redskins are taking since the debate surrounding the name first began. It comes after weeks of discussions between the team and the NFL, the team said.