Cybersecurity
Tech Stocks Wounded by Trump Reshuffle, Blocked Broadcom Deal
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Technology megacaps and semiconductor makers that led the U.S. market on its way up last week are now leading the market on its way down.
A combination of factors contributed to the rout. President Donald Trump’s appointment of Mike Pompeo as the new Secretary of State raised concern that the administration may take a harder stance on national security and trade, potentially crimping the revenue of chipmakers that have a bulk of their production abroad. Before that, Trump issued an executive order blocking Broadcom Ltd. from acquiring chipmaker Qualcomm Inc., citing national security concerns.