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Real-time News
On June 18th, according to the Wall Street Journal, Apple (AAPL.O) CEO Tim Cook stated that Apple plans to raise product prices to offset soaring costs of memory and storage chips. "Unfortunately, price increases are inevitable," he said. "We are doing our best to mitigate these enormous price increases that are being passed on to us, and we have been trying to protect our customers from these price hikes, but the current situation has become unsustainable." Cook declined to disclose the timing or magnitude of the planned price increase, or which products would be affected. Cook stated that memory and storage chip prices are issues facing the company, and he paid particular attention to the DRAM market, noting that more and more resources are currently being allocated to so-called high-bandwidth memory used in AI servers. "Consumers need devices, and memory manufacturers are pushing up prices while supply is decreasing," Cook said. "We really need memory prices and supply to return to a level that is reasonable for consumer products. Thats the key." Cook also stated that Apple is prepared to use its cash reserves to increase memory supply. He said, "We are willing to use our balance sheet to address some of the issues. Obviously, more capacity is needed." However, Cook also stated that Apple will not use its cash and silicon technology to build its own memory and storage factories. “We can’t do everything at once, but we know where our strengths lie.”Apple (AAPL.O) shares rose slightly in after-hours trading, currently up 0.7%.The Dow Jones Industrial Average closed down 506.51 points, or 0.97%, at 51,493.16 on Wednesday, June 17; the S&P 500 closed down 91.22 points, or 1.21%, at 7,420.13; and the Nasdaq Composite closed down 354.69 points, or 1.34%, at 26,021.66 on Wednesday, June 17.June 18th - On Wednesday, following a hawkish Federal Reserve meeting, the three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 0.97%, the S&P 500 fell 1.2%, and the Nasdaq Composite fell 1.3%. SpaceX (SPCX.O) closed down 5%, Nvidia (NVDA.O) fell 1%, and Western Digital (WDC.O) rose 4%. The Nasdaq China Golden Dragon Index closed down 1.1%, and Li Auto (LI.O) fell 3%.Apple (AAPL.O) is preparing to release the second-generation iPhone Air in the spring of 2027. The iPhone Air prototype will feature a second rear camera and an upgraded battery.
