Trump quashes Broadcom deal

Broadcom’s hopes of acquiring Qualcomm were shot down by President Trump late Monday — ending a monthslong battle between the rival chipmakers.

Trump cited national security concerns for blocking the proposed $117 billion acquisition of the San Diego company by Singapore’s Broadcom.

Qualcomm’s chips are used in 5G cellphones — and by the military.

“There is credible evidence that leads me to believe that Broadcom Limited ... through exercising control of Qualcomm ... might take action that threatens to impair the national security of the United States,” Trump said in an order barring the deal.

The writing was on the wall for the termination of the deal earlier on Monday. A sizeable Qualcomm shareholder told The Post that the company appeared to have warded off Broadcom’s hostile bid.

Trump decision comes after a national security panel — which advises the president — came down hard on the proposed deal.

Qualcomm has been lobbying the panel, the Committee on Foreign Investment in the US, or CFIUS, on why it shouldn’t allow the deal.

A Treasury Department official on Sunday wrote a letter to both companies, in essence warning them that the deal was in danger.

On Monday, Broadcom CEO Hock Tan, in what was described as a “Hail Mary” maneuver, met with Treasury officials in Washington to try to save the proposed deal.

Qualcomm’s delayed annual meeting is now scheduled to be held March 23 — in what now will be a much less anticipated board vote.

“Broadcom is reviewing the order,” a Broadcom spokesperson said. “Broadcom strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns.”

Qualcomm, in a statement, acknowledged receipt of Trump’s order.