CNBC EXCLUSIVE: CNBC TRANSCRIPT: BROADCOM CEO HOCK TAN SPEAKS WITH CNBC’S SQUAWK ON THE STREET TODAY

When: Today, Monday, February 12, 2018

Where: CNBC's "Squawk on the Street"

Following is the unofficial transcript of a CNBC EXCLUSIVE interview with Broadcom CEO Hock Tan and CNBC's David Faber and Jim Cramer on CNBC's "Squawk on the Street" (M-F 9AM-11AM) today, Monday, February 12, 2018. Following are links to video from the interview on CNBC.com: https://www.cnbc.com/video/2018/02/12/broadcom-ceo-our-offer-for-qualcomm-is-compelling.html?play=1 *https://www.cnbc.com/video/2018/02/12/broadcom-ceo-wed-walk-if-we-dont-control-qualcomm-board.html.

All references must be sourced to CNBC.

JIM CRAMER: WELL, DOESN'T IT GET BIGGER IN MY WORLD, THE TECH WORLD OR IN YOUR WORLD, M&A. BROADCOM CONTINUES ITS BID TO BUY RIVAL TO SOME DEGREE, LET'S JUST SAY IT, SAME SECTOR AND RAISING ITS BITS TO $82 A SHARE. THE TWO COMPANIES WILL BE MEETING THIS WEEK, AND YOU'VE GOT A LOT OF FINANCING. I AM SO THRILLED TO HAVE HOCK TAN, WHO IS THE MAN BEHIND THIS ACQUISITION HERE. HOCK, LET ME ASK YOU SOMETHING, GET RIGHT TO IT: YOU HAVE BEEN A FABULOUS SUPPLIER TO COMPANIES, EVERYONE KNOWS THIS, THAT'S ONE OF THE REASONS WHY MY CHARITABLE TRUST OWNS YOUR STOCK AND WHY I HAVE BEEN SUCH A BIG SUPPORTER. THIS IS ONE WHERE QUALCOMM JUST DOES NOT WANT IT AND THEY'RE WILLING TO DO ANYTHING IT SEEMS TO STOP YOU. AT WHAT POINT DO YOU SAY, "IT AINT WORTH IT?"

HOCK TAN: ONE WAY DRIVING DOWN TO IS WE BELIEVE AND WE HAVE A COMPELLING OFFER OUT THERE, EXTREMELY COMPELLING, WE HAVE GONE OUT TO SHAREHOLDERS AND A LOT OF QUALCOMMS SIGNIFICANT SHAREHOLDERS SUPPORT HAS BEEN VERY POSITIVE, OVERWHELMING IN FACT. AND WHAT THEY LIKE TO SEE IS THEIR BOARD ENGAGE WITH US. ANY RESPONSIBLE BOARD WOULD MAKE IT A TOP PRIORITY TO NEGOTIATE A MERGER AGREEMENT WITH US AND PRESERVE AND PROTECT THAT $82 A SHARE THAT WE HAVE ON THE TABLE.

CRAMER: WELL, ANY RESPONSIBLE BOARD, THAT MEANS YOU BELIEVE THIS BOARD IS IRRESPONSIBLE THE WAY IT HANDLES ITSELF?

TAN: NO. WE ARE VERY ENCOURAGED BY OUR PROPOSED MEETING THIS WEDNESDAY.

DAVID FABER: YOU SAID OVERWHELMING SUPPORT FROM THEIR SHAREHOLDER BASE. I'M TRYING AS A REPORTER TO TALK TO THOSE SAME SHAREHOLDERS. VERY MUCH UNCLEAR OF WHERE THE INDEX FUNDS BY THE WAY WHICH OWNS SO MUCH OF QUALCOMM THIS IS ALWAYS THE CASE WITH THESE LARGE COMPANIES ARE COMING DOWN. WHAT I AM HEARING THOUGH IS A CONTINUED CONCERNS ON ANTITRUST AND I HOPE THERE IS STILL BE MORE VALUE THERE. LET'S START WITH ANTITRUST, WHY NOT GIVE THOSE SHAREHOLDERS THAT I'M SPEAKING TO WHO ARE NOT SAYING THEY ARE HAVING OVERWHELMING SUPPORT FOR THIS EVEN MORE ASSURANCES AND NOT JUST AN $8 BILLION BREAK UP FEE BUT SAY YOU KNOW WHAT COME HELL OR HIGH WATER, WE WILL GET THIS DEAL DONE, BECAUSE THAT'S WHAT SOME OF THEM TELL ME THEY WOULD WANT. WHY DIDN'T YOU OFFER THAT?

TAN: WHAT WE HAVE IN PLACE TODAY IS A VERY SERIOUS OFFER. IT IS. AND LET ME START OUT BY PUTTING IT IN PERSPECTIVE. THE OTHER SIDE, QUALCOMM HAS SENT A LOT OF MESSAGING FROM THEM THE PAST TWO OR THREE MONTHS, HEAVY ON RHETORIC AND VERY SHORT ON SPECIFICS. WE STUDIED EVERYTHING – WE STUDIED EVERYTHING HERE ARE THE FACTS. THE TWO BUSINESS, THE TWO COMPANIES ARE HIGHLY COMPLEMENTARY. OUR CALL BUSINESSES WITH EACH OTHER DO NOT COMPETE. THERE IS A CLEAR PATH TO REGULATORY APPROVAL. AND WE HAVE THE TRACK RECORD. WE HAVE DONE OVER $50 BILLION.

FABER: IF YOU BELIEVE THERE IS A CLEAR PATH THEN WHY NOT TAKE ON THE REGULATORY RISK IN A MORE SIGNIFICANT WAY. NOT THAT A $8 BILLION REVERSE BREAK FEE IS NOT SIGNIFICANT, BUT WHY NOT JUST TAKE IT ALL ON?

TAN: WE ARE ALREADY TAKING MOST OF THE RISKS IN CERTAINTY ON REGULATORY. WE ARE. WE HAVE STEPPED UP WE HAVE IDENTIFIED AS THEY HAVE THE TWO PRODUCT LINES THAT OVERLAPPED. NOT MAJOR, NOT CORE BUT TWO PRODUCT LINES. AND WE HAVE UPFRONT VERY CLEARLY INDICATED TO ALL THREE REGULATORS, WE WILL DIVEST IMMEDIATELY THIS THE REST OF THE STUFF WE WILL SIGN OUR BEST EFFORTS TO CLEAR WHAT IS FAIRLY ROUTINE. THAT'S WHY I MENTIONED AND IT IS A LOW REGULATORY RISK AND ON TOP OF THAT WE ARE STEPPING UP AND PUTTING OUR MONEY WHERE THE MOUTH IS. $8 BILLION. YOU KNOW I AM KIND OF A FRUGAL GUY, YOU THINK I WOULD SIGN UP TO PAY $8 BILLION IF THERE IS EVEN A SECOND THOUGHT THAT IT WOULD HAPPEN?

CRAMER: I THINK IT IS GREAT THAT YOU BROUGHT THE FRUGALITY BECAUSE THERE IS A FRONT PAGE ARTICLE IN THE BUSINESS DAY OF THE NEW YORK TIMES TODAY, SAN DIEGO SEES LOSING QUALCOMM AS WOEFUL. AND IN THAT THEY TALK ABOUT QUALCOMM SUPPORTING ROBOTICS CLASSES FOR SCHOOL CHILDREN, SUBSIDIZING MUSEUM MEMBERSHIPS FOR YOUNG ADULTS, RAISES MONEY FOR LOCAL POLICE AND PEOPLE THERE ARE ACCORDING TO "TIMES," ARE SO ACCUMSTOMED TO EVERYTHING THAT COMES WITH BEING QUALCOMM HOME HAVING A HARD TIME OF A CITY WITHOUT DISTINCTION. SHOULDN'T THEY START IMAGINING IT?

TAN: THE ONLY REAL QUESTION THAT I WOULD LIKE TO ADHERE THAT COMES UP HERE IS SIMPLY THIS: TO PARAPHRASE A FAMOUS PRESIDENT, ARE QUALCOMM SHAREHOLDERS BETTER OFF TODAY THAN FOUR YEARS AGO? THE ANSWER IS NO. THEY ARE 11% POORER. BROADCOMM SHAREHOLDERS ARE 500% RICHER. WE ARE VERY GOOD AT CREATING BUILDING SUSTAINABLE BUSINESSES AND EMPLOYMENT AND INNOVATION ON BUSINESSES WE ACQUIRE.

CRAMER: ALRIGHT BUT HOCK, ONE OF THE REASONS I AM A BIG BACKER OF EVERYTHING YOU HAVE DONE BUT I AM CONCERNED HERE, IS THAT WHEN THE RUMORS WERE FIRST REPORTED YOU ARE INTERESTED IN BUYING QUALCOMM, YOUR STOCK WAS $273. YOUR STOCK HAS PLUMMETED AND PARTICULARLY WHEN YOU RAISE THE BID TO $82 AND YOUR STOCKS GOT HIT AGAIN. WE ARE TALKING ABOUT A 50-POINT SWING DOWN AS YOU ATTEMPT TO BUY QUALCOMM. AT WHAT POINT DO YOU FEEL YOUR SHAREHOLDERS ARE GETTING HURT BY THIS?

TAN: WE BELIEVE -- I BELIEVE, WE HAVE A LOT OF SUPPORT FROM BROADCOM SHAREHOLDERS FOR SIMPLY THIS REASON. WE HAVE A TRACK RECORD OF CREATING VALUE TO ACQUISITION AND BUILDING SUSTAINABLE BUSINESS, WE HAVE THE TRACK RECORD OF THE LONG-TERM CREATING THIS KIND OF A LOT OF VALUES FOR BOTH BROADCOM AND QUALCOMM SHAREHOLDERS. THAT'S REALLY WHAT WE BELIEVE IN.

FABER: YOU ARE MEETING WITH THEM ON WEDNESDAY I BELIEVE, RIGHT? YOU BOTH GO BEFORE ISS WHICH IS IMPORTANT IN THIS KIND OF SITUATION AND SHAREHOLDER SERVICES THAT MAKES ITS RECOMMENDATION TO INDEX FUNDS AND THE LIKE AND THEN MEET WEDNESDAY. SO YOU GO IN THERE AND SAY 82, BEST AND FINAL AND THEY SAY 90 BUCKS WILL GET IT DONE, HOCK. DO YOU GO HIGHER?

TAN: THIS IS BEST AND FINAL. WE HAVE A COMPELLING OFFER AND WE WOULD ENCOURAGE -- WE WOULD URGE THE BOARD TO TAKE A HARD LOOK AT THE VALUE WE ARE CREATING HERE FOR SHAREHOLDERS $60 IS 50% PREMIUM FROM BEFORE WE CAME OUT WITH OUR OFFER. $60 PER SHARE IS CASH IN THIS VOLATILE MARKET. WE GIVE CERTAINTY. WE BELIEVE OUR OFFER IS VERY COMPELLING AND I BELIEVE ANY RESPONSIBLE BOARD SHOULD TAKE IT SERIOUSLY AND ENGAGE.

FABER: BUT THEY REJECTED IT SO I AM WONDERING WHEN YOU WALK INTO THAT MEETING ON WEDNESDAY, WHAT CONCEIVABLY WILL YOU OFFER IN TERMS OF NEGOTIATION TO TRY TO CHANGE THIS DYNAMIC?

TAN: IT REMAINS OF OUR BEST AND FINAL OFFER. WE WOULD URGE IF THEY DON'T DO THEN ON MARCH SIXTH, --WE GET A BOARD WHO WILL NEGOTIATE AND PROTECT VALUE FOR THEIR SHAREHOLDERS

FABER: WELL, YOU GOT THE REFERENDUM, WE POINTED OUT MANY TIMES. MARCH 6TH IS THE ANNUAL MEETING WHERE YOU HAVE AN ENTIRE SLATE OF DIRECTORS UP . I WONDER THOUGH LET'S SAY YOU DO WIN A COUPLE BUT NOT TAKE THE BOARD. DO YOU HANG AROUND AND DOES YOUR OFFER HANG AROUND? LET'S SAY YOU WIN TWO SEATS, WHAT DO YOU DO?

TAN: THAT IS BINARY PROPOSAL IF WE DO NOT -- AT LEAST THE MAJORITY OF OUR SLATE DO NOT GET IN ON MARCH 6TH, THEN I ASK WE GET A MESSAGE THAT THIS DEAL IS NOT GOING TO HAPPEN. WE'LL WALK.

FABER: YOU WILL WALK.

TAN: WE'LL WALK IF WE DON'T HAVE A BOARD THAT WILL WORK THE DEAL.

FABER: WILL YOU STILL SEE YOUR DIRECTORS OR NOT?

TAN: OF COURSE, THEY'LL SEE, BY ONE MESSAGE IS IF IT WILL NOT WORK UNLESS WE GET THE MAJORITY OF THE BOARD

CRAMER: THIS WEEK, I BELIEVE IT IS POSSIBLE THAT NXPI, ACQUISITION GETS APPROVED. WE KNOW OF THE CHINESE NEW YEAR THERE HAS BEEN A LOT OF SPECULATIONS RIGHT AFTER THAT THAT IT IS GOING TO BE APPROVED. NXPI IS WAY LOWER THAN IT SHOULD BE VERSUS THE COHORT IF QUALCOMM PAYS 125, WHAT DOES IT DO TO YOUR BID?

TAN: WE HAVE ALSO MADE IT VERY CLEAR IN OUR LATEST PROPOSAL AND IT ALL BOILS DOWN TO NXPI WILL NOT SOLVE QUALCOMM'S PROBLEM. IT IS THE BROKEN BUSINESS MODEL. WE HAVE SAID IT TOO, IF QUALCOMM RAISES THE PRICE OF NXPI WE MAKE IT VERY CLEAR, IT IS A CLEAR TRANSFER OF VALUE FROM QUALCOMM SHAREHOLDERS TO NXPI.

CRAMER: SO ANOTHER WALK AWAY?

TAN: NO, NO. WE'LL PRESERVE ALL OF OUR OPTIONS BECAUSE WE ARE CONFIDENT THAT QUALCOMM BOUGHT ANY SHAREHOLDERS. WE'LL CONSIDER THIS CAREFULLY, BECAUSE THEY HAVE COME OUT, JUST AS WE HAVE, WE AGREE ON A FEW THINGS, IS ONE OF THEM THAT $110 IS A FULL AND FAIR PRICE ON NXPI.

CRAMER: ALRIGHT BUT HOCK. I KNOW YOU SAID THAT NXPI WON'T HELP THEM. THE REASON WHY I HAVE LIKED THIS DEAL OF QUALCOMM SO MUCH IS THEY ARE TOO MUCH CELL PHONE. WHERE I AM CONCERNED ABOUT BROADCOM IS YOU ARE DOUBLING DOWN ON CELL PHONE AT A TIME WHERE CHINA IS WEAKER, AT A TIME WHEN APPLE IS NO LONGER GOING TO BE ABLE TO RATE THE SUPER CYCLES THAT DID NOT EXIST. WHY DO I WANT MY BROADCOM TO DOUBLE DOWN ON AN AREA OF TECHNOLOGY THAT IS WEAKER AND GETTING WEAK – EVEN MORE WEAK— WHEN AT LEAST YOU GOT THE AUTOPART OF NXPI, LARGEST CONTRIBUTOR OF AUTOS, WHY ARE YOU DOUBLING DOWN ON CELL PHONES?

TAN: OUR BUSINESS MOTTO AND SIMPLY, WHY DID WE GO OUT AND TRY TO BUY QUALCOMM? THEY HAVE VERY GOOD TECHNOLOGY THAT WILL BE SUSTAINABLE. IT'S A MARKET THAT IS VERY SUSTAINABLE. WE ARE LOOKING AT THIS GREAT ASSET AS A FRANCHISE AND CREATING A LOT OF SHAREHOLDER VALUE FOR BOTH BROADCOM AND QUALCOMM SHAREHOLDERS. THAT'S WHY WE WANTED TO DO IT.

CRAMER: RIGHT NOW QUALCOMM SAYS THEY CAN DO 675 TO 750. IF THEY DO 750, AND WE GIVE IT TO TRADITIONAL MOBILE, IT WILL BE EXCESS OF 82. WHY DON'T WE GIVE QUALCOMM A CHANCE?

TAN: THEIR CREDITABILITY ON THIS NUMBERS ARE EXTREMELY QUESTIONABLE. THEY HAD A CHANCE TO JOIN MANY YEARS AGO. THINK ABOUT IT – FOUR YEARS AGO, FIVE YEARS AGO, 4-G WERE JUST COMING IN, GREAT OPPORTUNITY, THEY FUMBLE. NOW, WE ARE ON THE VERGE OF 5-G, I BELIEVE THEY WILL FUMBLE AGAIN. IT IS ABOUT NOT CREATING VALUE, DELIVERING VALUE TO SHAREHOLDERS WHICH THEY HAVE NEVER SHOWN AN ABILITY TO DO.

FABER: WHEN IT COMES TO BROADCOM, THERE IS A CRITICISM OUT THERE, AND IT'S A MINORITY, BUT IT GOES TO THIS IDEA OF A COMPANY IS BUILT ON ACQUISITIONS, AND WE'VE SEEN MANY OF THEM THROUGHOUT THE YEARS, ROLL UPS FOR A LACK OF A BETTER TERM. BUT YOU NEED TO DO THE NEXT DEAL AND THE NEXT DEAL. ARE THERE ARE THOSE WHO SAY, "YOU KNOW WHAT, IF YOU DON'T DO THIS DEAL, YOUR STOCK WILL BE MORE–" IT'S ALREADY BEEN DOWN TO A CERAIN EXTENT. HOW DO YOU RESPOND TO THOSE CRITICS WHO LUMP YOU IN WITH OTHER COMPANIES THAT HAVE DONE DEAL AFTER DEAL, ONLY TO FIND THEMSELVES HITTING A WALL AND THEN HAVING THEIR STOCKS PLUMMET?

TAN: NOT AT ALL TRUE FROM OUR SIDE. WHAT WE DO IS WE ACQUIRE BUSINESSES, PRODUCT LINES THAT ARE IN PROVEN MARKETS AND LEAD IN TECHNOLOGY WHICH WE BUILD UP ON AND SUSTAINS. WE ARE BUILDING UP A COMPANY THAT IS SUSTAINABLE FOR THE NEXT 10 YEARS. THAT'S WHAT ALL OF OUR FRANCHISES ARE. AND TODAY—

FABER: SO REGARDLESS OF WHETHER YOU ARE ACQUIRING QUALCOMM OR NOT, YOU'RE COMFORTABLE WITH YOUR STRATEGY. AND THAT YOU DON'T NEED TO DO WITH ANOTHER LARGE TRANSACTION.

TAN: YES. WE ARE DOING QUALCOMM BECAUSE AS AN ASSET, TO BE ACQUIRED. BUT IF WE DON'T DO IT, WE'LL CONTINUE ON OUR CURRENT STRATEGY OF CONTINUING TO ACQUIRE ASSETS IN THE SEMI-CONDUCTOR INDUSTRY AND BUILD ON THOSE.

FABER: I JUST – THE MEETING'S COMING UP ON WEDNESDAY AND FROM WHAT WE'VE HEARD HERE IT DOES NOT SEEM TO ME THAT YOU ARE MAKING NEW OFFERINGS FOR THEM. YOU SAID, "BEST AND FINAL IS 82" AND YOU SEEM TO HAVE TAKEN HELL OR HIGH WATER OFF THE BOARD AS WELL. WHAT ARE YOU WALKING INTO THE MEETING ON WEDNESDAY, GIVEN THAT THEY ALREADY REJECTED THIS OFFER, WHAT DO YOU SAY TO TRY TO CHANGE THEIR VIEWPOINT ON YOUR OFFER?

TAN: WE WANT – TO SERIOUSLY ENGAGE WITH US. YOU KNOW – THERE'S THINGS THAT THEIR BOARD WE WANT THEIR BOARD TO NEGOTIATE A MERGER AGREEMENT WITH US BY MARCH THE 6TH.

FABER: I KNOW YOU DO, BUT THEY, YOU KNOW, SAY BASICALLY – YOU GUYS HAVE AN OPTION ON THE COMPANY AND THEY DON'T LIKE THE MERGER AGREEMENT, THEY DON'T BELIEVE THERE IS ENOUGH CERTAINTY IN THERE.

TAN: BUT THEIR SHAREHOLDERS APPEAR TO DO. AND AS AN INDICTOR, OVER THE LAST TWO MONTHS, ESPECIALLY SINCE WE RAISED OFFER TO $82 BEGINNING OF LAST WEEK, WE'VE BEEN, MY CFO AND I, HAVE BEEN ON THE ROAD THE ENTIRE TIME MEETING VIRTUALLY A LOT OF SIGNIFICANT SHAREHOLDERS OF QUALCOMM. WE FOLLOW IT EXCEPTIONALLY. WE HAVE SUPPORT – STRONG SUPPORT. AND THEY ARE TALKING TO THEIR BOARD AND WE BELIEVE THEY WANT THEIR BOARD TO ENGAGE WITH US, WHICH IS WHY WE ARE SAYING WE ARE ASKING THEIR BOARD TO PUT A PRICE TO NEGOTIATE A MERGER AGREEMENT WITH US BY MARCH THE 6TH.

CRAMER: BUT THERE ARE TWO LARGE INDEX FUNDS THAT ARE 15%. WHY DO WE THINK THEY WON'T SAY, "YOU KNOW, WE'VE GOT TO GO TO QUALCOMM, GIVE THEM A CHANCE. WE DON'T WANT TO GO WITH BROADCOM." WHAT ASSURANCES DO WE HAVE OF INDEX FUNDS THAT THEY'LL GO WITH YOU?

TAN: BECAUSE WE HAVE A COMPELLING CASE ON TWO FRONTS. ONE IS – THE BIGGEST ONE IS WITH THE KIND OF FINANCIAL RETURNS THAT THE QUALCOMM BOARD HAS DELIVERED TO THEIR SHAREHOLDERS OVER THE LAST FIVE OR TEN YEARS, NO INDEX FUND, NOR ANYONE ELSE, THEY WOULD HAVE TO THINK HARD ABOUT WHY COULDN'T THIS BE DONE BETTER. WE ARE CONFIDENT THAT MAY COME INTO PLAY.

CRAMER: HOW MANY OF THE LARGE SHAREHOLDERS THAT YOU TALKED TO SAY, "YOU KNOW WHAT, QUALCOMM AND APPLE HAS A LOT OF CONTENTION. HOCK, I WANT TO VOTE WITH YOU BECAUSE THAT CONTENTION ENDS THE DAY THAT YOU BUY THEM."

TAN: NO ONE HAS SAID THAT TO US DIRECTLY. NOT ONE AT – NO, IT DOESN'T – IT HAS TO BE WORKED OUT. IT'S SOMETHING THAT IS BACK TO A BIGGER PERSPECTIVE. IT'S NOT JUST ONE CUSTOMER, IT'S A BIGGER PROSPECTIVE. IT IS ALL CUSTOMERS. WE HAVE TO DELIVER TO ALL CUSTOMERS.

FABER: WHAT DO YOU DO OF THE LICENSE BUSINESSES, DAY ONE? DO YOU CLOSE IT DOWN?

TAN: YOU CANNOT DO IT ON DAY ONE BUT WE WILL TRANSITION IT. WE WILL RESET THE BUSINESS MOTTO SO IT IS NOT A CONTENTIOUS ISSUE. THE THING ABOUT IT – OVER THE LAST THREE YEARS.

FABER: HOLD ON, HOCK, WE DO HAVE THE OPENING BELL THERE. YOU STAY RIGHT THERE. I WANT TO GIVE YOU THE OPPORTUNITY TO ANSWER TO FINISH ANSWERING THAT QUESTION. LET ME JUST SAY WHO'S RINGING THINGS HERE. WE HAVE QUANTA SERVICES, IT'S A CONTRACTOR SERVICES COMPANY CELEBRATING ITS 20THANNIVERSARY. OVER AT THE NASDAQ, BERENBERG – SECOND OLDEST BANK IN THE WORLD, FOUNDED. 1590. – ALL RIGHT, HOCK, I COME BACK TO YOU, AND WE'RE GOING TO WRAP THIS UP, AND WE APPRECIATE ALL OF YOUR TIME, BUT I ASKED YOU WHAT WOULD YOU DO WITH THE LICENSING BUSINESS. THERE SEEMS TO BE A BELIEF THAT YOU WOULD CLOSE IT DOWN ON DAY ONE?

TAN: NO, IT IS NOT TRUE. THIS IS SOMETHING THAT IS --- EVERYTHING TAKES A TRANSITION TO HAPPEN. WHAT WILL DO IS WE'LL RESET THE BUSINESS MOTTO OVERTIME AND MAKE IT SUSTAINABLE. OVER THE LAST THREE YEARS, WE REALIZE THAT QUALCOMM WAS HIT WITH FINES, MORE THAN WHAT THEY MADE IN PROFITS OVER THE LAST THREE QUARTERS. THAT'S NOT A SUSTAINABLE MODEL. WE HAVE TO CHANGE IT. IT'S BROKEN.

CRAMER: WELL, I WANT TO SAY THANK YOU, YOU CAME ON TV AND YOU GAVE YOUR SIDE OF THE STORY. IT IS A COMPELLING STORY. QUALCOMM HAS IT TOO. BUT YOU ARE A GENT TO COME ON. HOCK TAN, CEO OF BROADCOM, THANK YOU VERY MUCH.

TAN: THANK YOU GENTLEMEN, I APPRECIATE IT AND ENJOYED IT.

TAN: THANK YOU GENTLEMEN. APPRECIATE IT. ENJOYED IT.

FABER: THANK YOU. HOCK TAN.

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