The expectation is that US companies with cash balances abroad will use them to reverse into foreign chip companies which will allow them to repatriate the cash and incur lower tax rates than they pay in the USA.
This, of course, was the motivation for the recent, aborted, bid by Pfizer for AstraZeneca.
There's even a name for this kind of deal - 'tax inversion'.
There 's the usual tripe about ARM being a target. Hopeful talk that NXP is a target. Flaky talk that MediaTek is a target.