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Recode Daily: Trump stops the Broadcom-Qualcomm deal

Plus, Apple’s market cap hits an all-time high of $922 billion and the company buys the Texture magazine app; Lyft is growing faster than Uber, and John Oliver explains cryptocurrency.

President Donald Trump Jim Watson / AFP / Getty Images

President Trump killed Broadcom’s proposed hostile takeover of rival chipmaker Qualcomm yesterday, citing national security concerns. Both companies were ordered to immediately abandon the proposed deal; Trump’s order also prohibits Singapore-based Broadcom’s proposed candidates for Qualcomm’s board from standing for election. Broadcom says it “strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns.” [Chloe Aiello / CNBC]

Apple is buying Texture, a digital subscription service that lets users read all or part of more than 200 magazines on Apple and Android devices for $10 a month. The deal can’t be solely about the money, but it adds a business line that features recurring revenue, like Apple Music, and strengthens the link between Apple and big publishers, many of whom are beefing with big tech companies. Apple’s media boss Eddy Cue talked more about the Texture acquisition, media curation and Rihanna yesterday in an interview at SXSW. Meanwhile, Apple’s market cap is at an all-time high of more than $922 billion. [Peter Kafka / Recode]

Lyft passed $1 billion in revenue last year — and it’s growing faster than Uber. Uber, of course, is still much larger than Lyft — it generated a reported $7.5 billion in revenue last year and operates in many more cities and countries. But despite Uber’s head start, it has not been able to destroy Lyft, which has capitalized somewhat on Uber’s missteps and unsavory reputation. [Dan Frommer / Recode]

Nancy Dubuc has stepped down as CEO of A&E — and will likely be CEO of Vice Media. Vice’s run as the break-all-the-rules-but-still-succeed media upstart has come to an end and it needs help: Vice missed its 2017 numbers by a wide margin, and comes burdened with much-buzzed-about HR problems. Dubuc pushed for the deal that turned one of A&E’s low-rated cable channels into Viceland, Vice’s low-rated cable channel; the deal also put her on the Vice board. [Peter Kafka / Recode]

Digital media veteran Jon Miller and private equity heavyweight TPG are shopping for websites. They’ve already acquired Fandom, a network of pop culture sites formerly known as Wikia, in a deal that valued that company at more than $200 million. [Peter Kafka / Recode]

Here’s a look at how social media is reshaping sex work — while also threatening it. After the popular sex-work web hub myRedBook was seized and shut down by the federal government in 2014, cam models, escorts and other sex workers had to get tech-savvy fast; many moved their marketing onto the likes of Snapchat, Instagram and Twitter, all of which have their own ever-changing degrees of policy enforcement, which can be risky for businesses of any kind. [Emma Grey Ellis / Wired]

Top stories from Recode

Stitch Fix made a big addition to its business that won’t show up in its Q2 financial results.

The new feature — called Extras — signals where the company is headed.

Dropbox is staring at a downround IPO.

The company will have to “pop” like crazy to meet its last valuation.

This is cool

Finally, John Oliver steps in and explains cryptocurrency to us all.

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