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The fallout from Qualcomm’s victory

Illustration: Rebecca Zisser / Axios

President Trump last night took Broadcom out back and slaughtered its $117 billion pursuit of Qualcomm, in the name of national security.

For capital markets, this is unprecedented. A deal that didn't even exist has been blocked by a U.S. president, who also apparently has the power to determine who can and can't stand for election to a private-sector company's board of directors. And all of it was enabled by a regulatory body focused on foreign acquisitions of U.S. companies, even though the acquirer was scheduled to stop being "foreign" in just a few weeks.