Deals
No Qualcomm/Broadcom Deal? No Problem. Chip Index Hits New High
- Analysts expect Broadcom to pursue other, smaller chip deals
- Intel won’t have to face stronger, combined competitor
Trump Blocks Broadcom Deal With Qualcomm Over China Threat
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Semiconductor stocks are shrugging off President Donald Trump’s block of Broadcom’s proposed acquisition of Qualcomm, with the Philadelphia Semiconductor Index (SOX) rising as much as 1.3% to another all-time high.
Micron is the best performer in the index and is up 3.4% after Mizuho raised its price target to $66 from $55 on strong memory demand. RBC’s Amit Daryanani writes in a note that in the wake of the failed Qualcomm deal, Broadcom is likely to remain active in M&A and that memory and semiconductor capital equipment companies "could be interesting" potential targets, among others.