On Monday, President Trump blocked the Singapore-based chip manufacturer Broadcom from its $117 billion bid on rival Qualcomm. The federal Committee on Foreign Investment in the United States had found that the purchase would benefit Chinese competitors attempting to produce next-generation mobile technology, and would also eliminate a supplier of telecommunications technology for federal defense agencies. Broadcom's acquisition of Brocade Communications was approved in November, after Broadcom CEO Hock Tan announced during a press conference at the White House the company would be moving its headquarters to the U.S. because of Trump's tax overhaul.

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