JHVEPhoto/iStock Editorial via Getty Images
Broadcom (NASDAQ:AVGO) has cancelled plans to invest in a microchip facility in Spain as discussions with the government have broken down, Europa Press reported on Sunday, citing sources.
Broadcom did not immediately respond to requests for comment from Seeking Alpha.
News agency Europa Press’ report did not say why the talks had broken down.
The U.S. tech giant had announced the investment two years ago but did disclose how much it would invest. The government noted at the time the project could be worth about $1B and include the setting up of “large-scale back-end semiconductors facilities unique in Europe,” Reuters reported.
More on Broadcom
- Broadcom: I’m Buying More As Forward P/E Ratios Nosedive
- Broadcom’s Hidden AI Backbone Unfolds
- Broadcom: Inventory Does Not Lie
- Nvidia, Cadence among those rated Buy as Goldman begins coverage
- Broadcom execs say AI demand remains strong, to reinvest in AI growth opportunities rather than M&A: J.P. Morgan