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- Apple CEO says price hikes are ‘unavoidable’ as rising chip costs squeeze te...
Apple customers may soon pay more for their favorite devices as the company faces soaring costs for memory and storage chips.The tech giant's CEO, Tim Cook, told The Wall Street Journal that Apple has tried to absorb the increases but can no longer fully protect customers from higher prices. Cook did not say when prices would rise or which products would be affected."Unfortunately, price increases are unavoidable," Cook told the outlet. "We're doing our best to mitigate the huge increases that are being passed to us, and we've been trying to shield our customers from the increases, but the situation has become unsustainable."HOW YOU CAN GET A SLICE OF APPLE'S $250M IPHONE SETTLEMENTApple’s next major product launch is expected in September, when the company is likely to unveil its iPhone 18 lineup.The remarks come as artificial intelligence (AI) companies buy up huge amounts of memory and storage chips, according to The Wall Street Journal.Research firm TechInsights estimates Apple would need to add about $270 to the next iPhone Pro model to maintain its profit margins, the outlet reported.APPLE CHIEF TIM COOK SAYS IT WAS THE 'RIGHT TIME' TO STEP DOWN AS CEOCook said DRAM chips are a key concern because more of them are now being used for AI servers."There's less supply at a time when consumers want devices and the memory guys are passing along huge price increases," Cook told The Wall Street Journal. "We definitely need memory pricing and supply to return to reasonable levels for consumer products. That's the bottom line."Apple may use its cash reserves to help expand chip supply, Cook said, but the company does not plan to build its own memory factories."This is a hundred-year flood," said Cook. "I've never seen anything like it in any area in over 40 years."FORMER APPLE CEO SEES OPENAI POSES LARGEST COMPETITIVE THREAT TO TECH GIANT IN YEARSApple announced earlier this year that Cook will step down on Sept. 1 after 15 years as chief executive. He will transition to executive chairman of the company’s board of directors and will be succeeded by longtime Apple veteran John Ternus, the company’s senior vice president of hardware engineering.GET FOX BUSINESS ON THE GO BY CLICKING HEREApple could not immediately be reached by FOX Business for comment.FOX Business' Bonny Chu contributed to this report. [TheTopNews] Read More.44 mins ago - Ford and NASCAR team up for military tribute during America’s 250th anniversar...Ford Motor Company and NASCAR are revving up a new tribute to U.S. service members and military families.The companies are joining forces during America’s 250th anniversary year to launch a military-focused campaign anchored by a new Veterans Day race and a limited-edition Super Duty Proud to Honor package that will support Blue Star Families, a nonprofit serving military and veteran families.Ford and NASCAR are unveiling the campaign Wednesday during a tribute event aboard the USS Midway in San Diego, where they will be joined by actor and Marine Corps veteran Rob Riggle, Blue Star Families, Zac Brown Band and more than 1,500 members of the local military community.Nick Ford, director of corporate strategy at Ford Motor Company and the great-great-grandson of Henry Ford, told FOX Business the effort builds on the automaker’s long history of supporting those who serve.FORD RECALLS MORE THAN 255,000 FOCUS VEHICLES OVER ENGINE STALL RISK"From day one, supporting the military community has been a huge priority for us," Nick Ford said. "… We have always tried to show up for our country and for those who serve."At the center of the campaign is the "Proud to Honor Veterans Day Classic," scheduled for Nov. 11, 2026.The first-of-its-kind race will feature Ford Mustang Dark Horse R race cars and Ford Racing drivers in a tribute honoring all six branches of the U.S. military. The event will also include a concert headlined by Zac Brown Band, with additional performers expected to be announced.Nick Ford said the company wanted to bring together its racing business and its military support efforts as the U.S. marks its 250th anniversary."It is going to be a really special day," Nick Ford said.HOW CUTTING ONE COSTLY HABIT COULD SAVE SMALL BUSINESSES THOUSANDS ON FUEL: EXPERTTim Clark, executive vice president and chief brand officer at NASCAR, told FOX Business the partnership reflects a shared commitment between the racing organization and Ford to recognize military families and veterans."Being able to put a marquee event on a holiday like that… that's kind of core to [what] NASCAR is," he said. "… I think it’s a great way to bring that community together."Ford is also using the campaign to debut a limited-edition Super Duty Proud to Honor package, available on F-250, F-350 and F-450 models. The trucks will feature red, white and blue styling, darkened exterior trim and black wheels, with a portion of proceeds going directly to Blue Star… [TheTopNews] Read More.1 hour ago
- Warsh Makes His Case With Jargon, and a Penchant for Detail
The Federal Reserve’s new chairman held a press conference where he bantered with reporters and laid out a vision for change at the central bank. [TheTopNews] Read More.2 hours ago - ‘We had to get out of the way’: The backlash over delivery robots
As the delivery vehicles increasing take to US streets, bans and protest groups are springing up. [TheTopNews] Read More.3 hours ago - Interest rates expected to be held by Bank of EnglandThe Bank last cut interest rates in December but upheaval in the Middle East has stalled any further reductions. [TheTopNews] Read More.3 hours ago
- LARRY KUDLOW: Kevin Warsh’s message to markets — good news can be good news ...Kevin Warsh’s maiden voyage press conference as the new Fed chairman was a masterful performance. He was knowledgeable, succinct, collegial, humble. By the way, so was the Fed’s press release. Short and sweet. My two biggest takeaways were first: the central bank’s emphasis right now is on price stability. Their statement emphasized strong productivity and business capital investment, along with job gains and low unemployment. By the way, productivity and business investment on the supply-side will be a hallmark of Mr. Warsh’s thinking. Yet inflation is the key target right now. As Mr. Warsh put it: "We recognize that inflation has been running well ahead of the Fed’s long stated inflation goal of 2 percent. That’s been going on for more than five years. Persistently high prices are a burden for the American people." Mr. Warsh concluded: "this committee will deliver price stability"Of course if there is a deal with Iran and the Strait of Hormuz is reopened, that’s going to bring inflation down substantially. Already the West Texas intermediate price has fallen over 30 percent to around $76 a barrel. Gasoline prices will soon follow. It’s not inconceivable that the CPIs for July, August, and September will be negative, which of course changes the whole inflation picture to deflation, which in turn can change the whole interest rate picture from rising rates to falling rates Yet Mr. Warsh did not rule out or rule in any rate hike. My second big takeaway was the new chairman does not believe in the Phillips curve view that growth causes inflation. This is hugely important, because among other reasons there’s a business boom going on along with the stock market, and productivity, and the A.I. revolution, all in response to low taxes, light regulation, and drill, baby, drill.Here’s Mr. Warsh on coexisting low inflation and low unemployment at the same time: "I don’t share the view that was expressed a few generations ago, that Federal Reserve chairman showed up at a podium like this and say, you got to choose, and, you’re going to have to decide whether you’re willing to tolerate higher inflation to put more people at work. I don’t believe in that." Mr. Warsh added that "What I believe is if we do our job, we can make strong growth, low prices and strong employment mutually compatible"As far as additional Fed reforms, Mr. Warsh is setting up five task forces with people… [TheTopNews] Read More.5 hours ago
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