Broadcom said it "strongly disagrees" a tie-up could raise national security concerns, and had pledged to invest to ensure United States leadership in 5G, the networks crucial to robotics, connected cars and other smart devices.
The order said, "The proposed takeover of Qualcomm by the Purchaser [Broadcom] is prohibited, and any substantially equivalent merger, acquisition, or takeover, whether effected directly or indirectly, is also prohibited".
Analysts said Broadcom can still build heft through smaller deals and could have an easier time buying USA targets if it goes through with plans to redomicile in the US. Slashing Qualcomm's research budget in favor and focusing on its patent business would fit Broadcom's modus operandi.
CFIUS, however, determined that a buyout would reduce Qualcomm's competitive edge and potentially give China an unacceptable level of influence in next-generation technologies, such as 5G networking.
Consequently, Broadcom withdrew its offer to acquire Qualcomm after the Presidential Order.
"The White House is very concerned about China, particularly in terms of upcoming 5G networks where Qualcomm is a key supplier" to the Defense Department, as well as private industry, said Townes.
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Broadcom has also withdrawn the nominees it named for Qualcomm's board of directors, which will be decided at Qualcomm's 2018 annual stockholders meeting early next month. The Singapore-based company is stopping any attempt to acquire Qualcomm so you know it' really not happening.
The US government views Huawei - one of the world's biggest telecommunications companies - as a national security threat.
Broadcom thanked both its own stockholders and Qualcomm stockholders, some of whom have expressed concern at the future of the company.
It's final and official: Broadcom will no longer pursue its acquisition of Qualcomm.
Broadcom had repeatedly tried to persuade US officials that it didn't pose a threat.
Treasury Secretary Steve Mnuchin said the decision was "based on the facts and national security sensitivities related to this particular transaction only and is not meant to make any other statement about Broadcom or its employees".
Such an agressive action to block an acquisition was unprecedented, as deals are usually reviewed later in the process if national security concerns arise.