While Qualcomm has suffered several misfortunes in the last several years, its potential pursuer has enjoyed far better success of late.

Broadcom’s leadership traces itself back to Avago Technologies, a company that went public in 2009. At the time, it was just another small player in the semiconductor industry, worth $3.5 billion. But it has embarked on a breathtaking acquisition spree since then, driven by the soaring ambitions of its chief executive, Hock Tan, and backed by the big investment firm Silver Lake Partners.

Two years ago, Avago struck its biggest deal to date by buying Broadcom, whose chips are used in smartphones and networking devices, for $37 billion. Mr. Tan’s company adopted its target’s name — and did little to hide its desire to hunt even bigger game.

Despite Mr. Tan’s well-known dislike for the spotlight, Broadcom took a big step into prominence on Thursday when he appeared with President Trump at the White House to announce that the company would move its legal base to the United States.

Broadcom, which has long maintained a headquarters in Singapore for tax reasons, as well as in San Jose, Calif., said the move was inspired in part by Republicans’ efforts to overhaul the American tax code. The return to the United States, Mr. Tan said, would shift $20 billion in revenue back to America, making it subject to corporate taxes in the United States. The administration’s tax proposal would cut corporate tax rates sharply, to 20 percent, from a nominal 35 percent.

The plans led Mr. Trump to praise Broadcom as “one of the really, great, great companies.”

But Broadcom executives stressed that the move was not dependent on the passage of tax legislation.

A different policy consideration, analysts say, is the prime motivation.

“This is all about freeing up Broadcom to make acquisitions,” said Romit Shah, an analyst for Nomura Instinet. “And Qualcomm has been at the top of Broadcom’s wish list for a long time.”