Apple has sharply raised prices across its Mac, iPad, HomePod, and Apple TV lineups as surging AI-driven demand creates a global memory and storage shortage. Increases range from $30 for the HomePod mini to $1,300 for the M3 Ultra Mac Studio, with Apple CEO Tim Cook saying efforts to shield customers from higher costs had become "unsustainable." The Verge reports: On Thursday, the company adjusted the price of its new MacBook Neo, which will now start at $699 instead of $599, while the base MacBook Air will jump to $1,299 from $1,099, as reported earlier by Bloomberg. The 14-inch MacBook Pro is getting an increase as well, going from $1,699 to $1,999. Meanwhile, the iPad Air will now start at $749 instead of $599, while the iPad Pro is increasing to $1,199 from $999. As spotted by MacRumors, the M4 Max Mac Studio will now cost $2,499, a big jump from $1,999. The M3 Ultra Mac Studio is now priced at $5,299, up from $3,999. Apple is even raising the prices of its HomePod, which now costs $349 instead of $299, as well as bumping the price of the HomePod mini to $129 instead of $99. The Apple TV also now costs $199 instead of $129.

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An anonymous reader quotes a report from The Guardian: A tech sell-off shook global markets on Tuesday as attention turned away from developments in the US war with Iran and toward the future of AI companies and chipmakers that have driven stock markets to record highs. The tech-heavy Nasdaq index closed 2.2% lower on Tuesday. The S&P 500 was also down by Tuesday afternoon, dropping 1.43% while the Dow remained steady. All three major US indices have hit record highs this year, riding off a rush of funding to support AI technology and infrastructure. Nasdaq is up 10% for the year, while the Dow jumped 6% so far this year, breaching past 51,000 points, and the S&P 500 is up 7.3%. But some economists have warned that the influx of AI spending is a bubble reminiscent of the dot-com bubble that burst in the early 2000s. Seven tech companies make up 30% of the S&P 500's value. The heavy reliance on a single industry and a few key companies has some investors wondering if it's a matter of when, not if, there will be a burst. Those concerns have been heightened by signals from the Federal Reserve last week that it may increase interest rates, and therefore the cost of borrowing, in order to tackle rising inflation. Alphabet fell 5% on Monday. SpaceX plunged 16%. The selloff also spread to Asia, with South Korea's benchmark dropping 10% as SK Hynix and Samsung Electronics each lost more than 12%, while Japan's Nikkei 225 declined 3.5%.

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An anonymous reader quotes a report from the New York Times: Mr. Zuckerberg, the chief executive of Meta, recently dispatched a small team at his company to create a smartphone app similar to Polymarket and Kalshi, two employees with knowledge of the matter said. Users would not wager money, and the app would probably rely on a video game-like points system instead, one person said, though the company had not ruled out the eventual use of real money betting. The app is internally referred to as "Arena" and would function independently from Meta's social networking apps, which include Facebook, Instagram, WhatsApp and Messenger, said the employees, who spoke on the condition of anonymity to discuss confidential plans. Meta aims to grow the app by leveraging its large social networking audiences and directing them toward using it, they said. The effort, which insiders characterized as experimental but a top priority, is part of a broader push by Mr. Zuckerberg to create new types of apps based on emerging social behavior online. More than 3.56 billion people visit one or more of Meta's apps every day, an amount that has raised questions about whether those platforms have reached a saturation point. Arena is one of a handful of apps that Meta is trying out. Others include one called Meta Photos, another stand-alone app which would create new types of media using artificial intelligence, the employees said. [...] Meta insiders have cautioned that Arena remains in development and may not be released. But as executives search for ways to keep the world's largest social media sites thriving, Mr. Zuckerberg appears to be relying on his well-worn product development strategy: Follow the users.

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Valve's new Steam Machine will launch June 29 starting at $1,049 and go up from there depending on the configuration. Although it costs considerably more than the PS5 ($599.99) and Xbox Series X ($649.99), "the value proposition for the Steam Machine is that it can play your library of Steam games you may have accumulated over years (or even decades), rather than just PlayStation games, and it's also a full Linux PC that you can customize to your heart's content," reports The Verge. "Valve also says that it's selling the Steam Machine for the cost of its components alone instead of subsidizing the price." From the report: You can now register your interest to buy a Steam Machine as part of a reservation system. To offer a fair playing field for people who want to buy one, Valve will randomize everyone in the queue on Thursday at 1PM ET. After that, anyone who registers their interest will be added to the end of the waitlist. The first emails giving people the opportunity to buy will go out on June 29th. Valve will sell four configurations of the Steam Machine: - A 512GB model for $1,049 - A 512GB model with a bundled Steam Controller for $1,128 - A 2TB model for $1,349 - A 2TB model with a bundled Steam Controller for $1,428

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An anonymous reader quotes a report from NPR: Student loan borrowers who enroll in automatic payments will get a much bigger discount on interest starting July 1, the U.S. Department of Education says. Auto pay has long offered a modest discount off borrowers' interest rate -- .25 percentage points -- but after millions of borrowers opted out during the long COVID repayment pause, with some making no payments for years, the nation's student debt portfolio swelled to $1.7 trillion. On Thursday, the department said it will temporarily increase its auto pay interest rate discount to one full percentage point. Practically, that means an undergraduate borrower with a loan at the current 6.39% would see their interest rate drop temporarily to 5.39%. The rate cut will last for two years, from July 1, 2026 through June 30, 2028. Borrowers already enrolled in auto pay do not need to act. They will automatically receive the rate cut. [...] The department says borrowers will have until Sept. 30 to sign up for auto pay and qualify for the two-year interest discount.

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California's proposed "billionaire tax" has gathered enough signatures to qualify for the November ballot, setting up a major fight between labor unions and some of Silicon Valley's richest figures. From the report: The California Billionaire Tax Act, colloquially known as the billionaire tax, would levy a one-time 5% tax on any California resident worth more than $1bn. The proposal is backed by the Service Employees International Union-United Healthcare Workers West as a means of funding California's strained healthcare and education programs. The proposal has become one of the state's biggest political flashpoints as it gained momentum throughout the year, with prominent billionaires, such as the Google co-founder Larry Page, making moves to cut ties with the state and Newsom vowing to block it from going to a vote. Although it has gained enough signatures for the ballot, the groups backing the measure have until June 25 to decide whether to move forward or potentially strike a deal with the state. While unions backing the group have framed the proposal as a way of getting the ultra-rich to pay their fair share, many of the state's tech elites have condemned the tax and spent millions attempting to crush it. The Google co-founder Sergey Brin has spent $82m alone on efforts to fight the tax, while joining other Silicon Valley billionaires in declaring he will leave California if it goes through. The Palantir co-founder Peter Thiel, crypto billionaire Chris Larsen and Ring founder James Siminoff are among the other tech moguls who have made huge political donations to groups opposing the tax. California has the most billionaires out of any state, many of whom have increased their wealth in recent years amid the AI boom.

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An anonymous reader quotes a report from MacRumors: Apple is raising its prices to offset the high cost of memory and storage, CEO Tim Cook told The Wall Street Journal. Apple is no longer able to absorb the increased prices and will need to pass some of the cost on to consumers. "Unfortunately, price increases are unavoidable," said Cook. "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." Growing demand for memory and storage chips from AI companies has led to chip shortages and higher costs. The Wall Street Journal suggests Apple will need to increase device costs "substantially" to maintain its current profit margins given the cost of memory chips and SSDs. Research firm TechInsights claims Apple will need to make the iPhone 18 Pro around $270 more expensive to keep its existing profit margin. Apple is struggling more with memory chips, but storage chips are also an issue. "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. Cook said Apple will use its cash to increase memory supply, but he did not give details on what that means. Apple does not plan to create its own memory and storage factories. "We can't do everything," Cook said. "We know what we're good at." Cook likened the memory shortages to a hundred-year flood. "I've never seen anything like it in any area in over 40 years," he said. Further reading: Smartphone Market To Shrink 15% This Year Due To Memory Crisis

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An anonymous reader quotes a report from Reuters: Few business leaders have been as deeply embedded in popular culture as Elon Musk, the ambitious entrepreneur who has become a central figure in internet culture and amassed a fortune that has made him the world's first trillionaire. At a time when concerns about inequality are high and public attitudes toward the ultra-wealthy have soured, Musk has managed to retain a loyal following despite his stratospheric net worth and without the folksy persona that endeared other tycoons such as Warren Buffett to the masses. While admirers view Musk's no-filter style as part of his appeal, critics have accused him of wielding oligarch-like power, raised concerns about governance at his companies and objected to his increasingly partisan political interventions. Still, SpaceX, the sprawling rocket, satellite and AI company that together with electric-car maker Tesla form the center of Musk's empire, raised a record $75 billion in its initial public offering on Thursday, highlighting investor enthusiasm for his business ventures. Prior to the share sale, Forbes pegged his net worth at roughly $780 billion, far ahead of the man next in line, Alphabet co-founder Larry Page. "The second richest person has been hovering around $300 billion, so about less than one-third of what Musk can potentially be worth tomorrow," said Matt Durot, deputy editor at Forbes Wealth. "And only one other person, (Oracle founder) Larry Ellison, has ever been worth $400 billion." Most of Musk's wealth now rests with SpaceX, where he holds a stake worth roughly $866 billion. Along with Tesla and the rest of his properties, his net worth will exceed $1.1 trillion when the stock begins trading Friday, according to Forbes and Reuters calculations based on company filings.

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Visa is integrating its payment network with ChatGPT so AI agents can shop and complete purchases on users' behalf. "It means AI agents can not only recommend products but complete the purchase on the user's behalf, at potentially any merchant that accepts Visa," reports the Associated Press. "The payment network's previous attempts at this technological leap were confined to a single retailer or a small set of enrolled merchants." From the report: OpenAI will provide the technology to allow agents to interact, make decisions and initiate purchases through ChatGPT. Visa, the world's largest payment network outside of China, will provide the payment authorization and fraud monitoring needed to do this at scale. "As AI agents become active participants in the economy, Visa's focus is to ensure transactions are trusted, secure and seamless," said Jack Forestell, chief product and strategy officer at Visa. Speaking at a company event Wednesday in San Francisco Wednesday, Forestell gave an example of a customer telling ChatGPT they're looking for a pair of wireless headphones under $150. The chatbot would find a pair for sale under those parameters and buy it on behalf of the customer. Visa and OpenAI did not disclose the financial terms of the collaboration and did not give details on the fees merchants or customers would have to pay. [...] Visa says the feature will have guardrails like spending limits, required approval steps and approved merchants for shopping in order to protect consumers and minimize fraud.

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Valve is discontinuing physical Steam Gift Cards and says it will stop restocking them as retailers sell through remaining inventory. In a blog post, the company blamed persistent gift card scams as the reason, though Steam Digital Gift Cards will remain available and existing physical cards can still be redeemed. PC Guide reports: Valve says it has "responded to gift card scams over the years" -- but this doesn't stop scammers from adapting. The Steam creator has actively worked with retailers and law enforcement, among other precautions, to counteract scams, but says the issue can never be fully resolved. Steam Digital Gift Cards will continue to operate as normal.

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