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Qualcomm targets $16 billion in first phase of share buyback

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Steve Mollenkopf, chief executive officer of Qualcomm Inc.
Patrick T. Fallon | Bloomberg | Getty Images

U.S. chipmaker Qualcomm said on Thursday it would buy back about $16 billion of its common stock as part of the previously announced $30 billion stock repurchase plan.

Qualcomm is seeking to compensate investors for the collapse of its $44 billon acquisition of NXP Semiconductors in July due to Chinese opposition.

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