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CNBC Finance

Rise in memory chip costs puts pressure on retailers of laptops and smartphones

As the global artificial intelligence race accelerates, memory chips are getting more expensive. As a result, costs of some consumer electronics are beginning to rise for retailers and consumers alike. Memory storage, known as RAM, is crucial for all computing devices, including phones, tablets and laptops. The cost of chips has been rising due to a supply shortage driven largely by massive demand for AI data centers. Companies such as Nvidia, Advanced Micro Devices and Google have been scrambling to secure RAM for their chips. Apple on Thursday announced it's raising its prices on MacBooks and iPads — passing along the rising cost of memory to consumers — with the potential for more price hikes down the road. The memory shortage is an "unprecedented challenge," the company said in a statement. Incoming Best Buy CEO Jason Bonfig said on a call with reporters earlier this month that the company expects its computing division will be the most affected by price hikes. "We did see some staggered price increases in Q1, so moving to Q2, we do expect [average sale prices] to increase and units from an elasticity perspective to be impacted," Bonfig said. "We did bring in more inventory in Q1, which you can see on our balance sheet, which does help us to mitigate it." Soaring memory costs are expected to reduce global personal computer shipments by 10.4% and smartphone shipments by 8.4% in 2026, according to Ranjit Atwal, a senior director analyst at Gartner, citing February research. Gartner also projected that PC prices will increase by 17% and smartphone prices will grow by 13%, compared with 2025 levels. "What's happening this time around, compared to previous times that memory prices have gone up, is the extent with which prices of memory is increasing," Atwal said. "Secondly is the length of time that we think prices will remain high. ... This one is looking like it won't be until the end of 2027 before we get to any type of regional pricing." While the price increases may not be immediately apparent in stores, Atwal said, it's inevitable that the demand will outpace the supply. Some retailers pulled forward inventory in the first quarter in anticipation of the rising prices, he added, but that cushion can only last so long. "It will catch up with everyone," he said. "You end up in a point where you just have no control over what you can do. You have to pass it on, and that's the difference now versus where we were before. The market's more mature as well, so there's an expectation that people are going to buy up anyway." Consumers might not even be aware of the price hikes, Atwal said. Most people upgrade their laptops after four or five years and may not even remember what they previously paid or what the specifications of their old models were, he said. That gap may lead to a somewhat "delayed impact" on consumer behavior, Atwal said, but the eventual effect is bound to hit them soon. So far, Bonfig said, Best Buy isn't seeing any indication that consumers are pulling forward purchases or even that the rising memory costs are affecting their budgets.

Rise in memory chip costs puts pressure on retailers of laptops and smartphones
Europe
BBC Business

Could you handle a 20-plus hour flight? This airline is banking on it

On a stage at the Airbus headquarters in Toulouse, the chief executive of Australian airline Qantas declares: "The tyranny of distance has finally been conquered". Vanessa Hudson was in the French city last week to announce the world's first 20-plus hour flight route. The airline first flew what it named the Kangaroo route between London and Sydney in 1947. At the time, it was an odyssey spanning seven stops and four days. Those stops have been gradually reduced, with Qantas now stopping only once, in Singapore, on the way through. But 80 years after that 1940s venture, the first non-stop flight between the two cities is set to take off from October 2027. Using specially designed ultra-long-haul Airbus planes, Qantas expects to shave about four hours off the current journey time. It is expected to last around 22 hours. The much anticipated - and delayed - breakthrough comes after a turbulent few years in the airline's history, and bosses are banking on customers embracing the premium but marathon flight. "We feel really confident that this is going to be a success," Hudson tells the BBC. Some analysts say it is a major milestone in aviation history. But is it really what people want? The flight will save money on landing fees by eliminating a stop, but Hudson admits the longer flight has a higher relative fuel bill. There are also fewer seats, nearly half of which (40%) will be premium economy, business, or first class. To counter the increased risk of issues such as deep vein thrombosis which can occur from flying for such long periods, Qantas has increased the legroom in economy and also created a dedicated "wellness" space where passengers can follow stretching exercises on a screen and have a little more room to move about.

Could you handle a 20-plus hour flight? This airline is banking on it
Europe
BBC Business

Three unusual things about the King's tax bill

Image source, Getty ImagesByMitchell LabiakBusiness reporterPublished4 hours agoKing Charles has made history by revealing his £12.9m tax bill, but the payment is far from ordinary. The announcement comes alongside the Royal Household publishing its annual financial report. Here's what the document tells us – and doesn't tell us – about the King's unique tax situation. King Charles is not legally required to pay income tax, capital gains tax, or inheritance tax. The MoU came about in 1993 following public pressure over the cost of running the Royal Family and is occasionally updated, most recently in 2023 to reflect the change of monarch following Queen Elizabeth II's death. The fact that some of the King's taxes are voluntary is not the case for regular taxpayers, and some argue this means that it is not a tax at all. HMRC defines tax as "money that individual people and businesses are legally required to pay to the government". Dan Neidle, founder of Tax Policy Associates, told the BBC: "If it's voluntary, it's not tax." Meanwhile, the report says King Charles pays VAT, employer taxes, and local rates "in line with requirements". While the Royal Household describes releasing the King's tax bill as part of its "commitment to transparency", it's not clear how it has been figured out. So although we know that the King has agreed to pay tax on personal income, income from the Privy Purse not spent on official duties, and capital gains tax on private property sales, we don't know what proportion of those taxes make up the £12.9m paid. It mostly comprises income from the Duchy of Lancaster, an estate that belongs to whoever is the ruling monarch and owns – among other things – the Savoy Hotel in London.

Three unusual things about the King's tax bill
Europe
The Guardian

US reporter urges supreme court to halt ruling forcing her to reveal sources or pay $800-a-day fine

Catherine Herridge at the White House correspondents’ dinner in Washington in April 2025. The case has concerned press advocates. Photograph: Paul Morigi/Getty ImagesView image in fullscreenCatherine Herridge at the White House correspondents’ dinner in Washington in April 2025. The case has concerned press advocates. Photograph: Paul Morigi/Getty ImagesMediaUS reporter urges supreme court to halt ruling forcing her to reveal sources or pay $800-a-day fineCatherine Herrridge makes final bid to stave off penalty related to series of stories she wrote in 2017 for Fox News More than two years ago, a US district court judge took the extraordinary step of holding the veteran investigative journalist Catherine Herridge in civil contempt, ordering her to pay a steep daily fine of $800 per day unless she reveals her sources for a series of stories she wrote in 2017 for Fox News. Since then, the case has slowly moved through the appeals process, with Herridge dealt a series of defeats. On Tuesday, the US court of appeals for the District of Columbia circuit issued a one-sentence ruling denying Herridge’s plea to stay the February 2024 ruling holding her in contempt, an order made by district court judge Christopher R Cooper. With time running out before the fine might go into effect, Herridge’s legal team is attempting one more legal maneuver to try to stave off the penalty. On Friday, Herridge filed a petition for a stay with the US supreme court. The petition was filed by Paul D Clement, a prominent appellate attorney who has also been retained by Disney to protest the Federal Communications Commission’s investigation of the ABC broadcast The View. John Roberts, the supreme court chief justice, responded to Herridge’s petition by issuing a stay of the appeals court’s rulings to give the other party in the case, Chinese American scientist Yanping Chen, until 1 July to file a response. “We are pleased with the supreme court’s decision to temporarily stay the deeply troubling contempt order,” Fox News said in a statement on Friday. “Fox News stands firmly behind the first amendment and the principle that reporters must be able to do their jobs without the threat of crippling fines or forced exposure of their sources.” Chen’s attorney, Andy Phillips, expressed confidence in his client’s case. “Both the district and circuit courts have now ruled five times over that Ms Herridge has no privilege to continue to shield the identity of a federal official who broke the law and abused his or her position to cause harm to an American citizen by leaking protected materials,” he said in a statement. “We are confident that the supreme court will reach the same result.” Press advocates have long been extremely worried about the convoluted case, which stems from a privacy act lawsuit that was filed by Chen to uncover who might have provided information to Herridge about a US government investigation of her background and an educational program she operated in Virginia. Herridge was not named in the lawsuit, but Chen’s lawyers have argued that their client can only get justice if the journalist is compelled to reveal how she obtained information about the government’s investigation of Chen. Herridge, who worked at CBS News after leaving Fox, has refused to reveal her sources, believing it to be an abdication of her responsibility as a national security journalist – a position that press freedom groups have backed. Because there is no federal shield law protecting journalists from having to reveal their sources, the case shows the vulnerable position facing reporters who cover sensitive stories with national implications. It’s not clear yet whether Herridge would personally be on the hook for the $800 daily fee, or whether her employer at the time, Fox News, could front it. Seth Stern, chief of advocacy for the Freedom of the Press Foundation, expressed optimism that the supreme court would take Herridge’s petition seriously. “The supreme court should use this opportunity to make clear that plaintiffs and prosecutors cannot commandeer the fourth estate to help them build their cases,” he told the Guardian on Friday. “Reporter-source confidentiality is the lifeblood of investigative journalism. Whistleblowers in a position to expose abuses won’t trust journalists to protect them, and won’t come forward, if they believe reporters will be threatened with financial ruin for not outing them in court.”

US reporter urges supreme court to halt ruling forcing her to reveal sources or pay $800-a-day fine
North America
CNBC Finance

Estrogen patches are hard to find, and it may not be resolved any time soon

Estrogen patches are in short supply as demand for the menopause medications skyrockets, and it could take at least a year for manufacturers to catch up. Prescriptions of estrogen patches have increased 162% over the past two years, according to data from HealthVerity. Already rising demand was turbocharged last fall when the Food and Drug Administration removed a more than 20-year-old black box warning discouraging women from taking hormone replacement therapy. Manufacturers are struggling to keep pace. Three types of patches are in shortage, according to data from the American Society of Health-System Pharmacists, which relies on reports from healthcare providers. The FDA, using a different methodology, hasn't declared a shortage of estradiol. "You can get them, but it takes a lot of time and effort when we're all so busy at this time of our lives," said Dr. Susan Loeb-Zeitlin, director of the Women's Midlife Center at Weill Cornell Medicine. Doctors across the country describe the difficulty their patients are experiencing to find hormone replacement therapies, particularly estrogen patches. When asked how much time she spends trying to help people find the medication, Dr. Francesca Turner, a doctor in Iowa, just laughs. "Between my nurse, patients' pharmacists and myself, we are doing this pretty much every day trying to figure out how to navigate this for our patients," Turner said. Doctors prescribe estrogen to treat the symptoms of menopause, including hot flashes and brain fog, which occur when a woman's body produce less of the hormone. Estradiol is the most potent type and is commonly administered through a patch that gradually releases the hormone on the skin to help ease physical and mental symptoms of menopause. Doctors prefer giving estrogen topically because it's considered a safer option than orally, Loeb-Zeitlin said. For more than two decades, the FDA advised women to avoid treating menopause with estrogen because a 2002 study called the Women's Health Initiative suggested it could put women at greater risk of breast cancer and other conditions like dementia. Later analyses found the participants in the study were older than most women starting hormone replacement therapy and the risks of taking it were overstated. The FDA reversed course last fall and said it would work with companies to remove references to the risks in the labels of the medications. By then, interest had already rebounded. Doctors credit prominent voices like Oprah Winfrey and social media users for shining a light on menopause, the life-altering symptoms that some women experience and how hormone replacement therapies can help. "The demand has actually come from more of the community of women saying within their groups or communities that they are still suffering," said Dr. Jessica Shepherd, chief medical officer of Hers. "This was much more brought about by social media, where people are really able to air their voice, and you see a lot of celebrities that were talking about their journey as well." Seeing the momentum, Hers, part of the telehealth provider Hims & Hers that's best known for offering erectile dysfunction drugs and GLP-1s, about a year and a half ago decided to get into the perimenopause and menopause business, Shepherd said. Interest in the program has tripled since the company introduced it in October, the company said. Prescriptions of all types of estrogen have risen 78% over the past two years, according to data from HealthVerity. The patches have proven particularly popular, with prescriptions more than doubling to 1.6 million in May from 594,000 in June of 2024, HealthVerity found. They now account for 44% of all estrogen prescriptions.

Estrogen patches are hard to find, and it may not be resolved any time soon
Asia
The Economic Times

Goldman Sachs’ India bets: 8 stocks rally up to 85% in CY26; one new addition

Goldman Sachs’ Indian equity portfolio, held through its global funds, declined 6% in CY26, falling from Rs 9,014 crore in December 2025 to Rs 8,470 crore as of June 25, 2026. As of the March 2025 quarter, the portfolio comprised about 46 stocks, of which around 26 were negative performers. So far in CY26, 18 stocks have declined between 10% and 44%, with the top six laggards falling 25–44%.However, despite the overall decline, eight stocks bucked the trend, delivering gains of 20–85% over the same period. We also highlighted one newly added stock in the March 2025 quarter. (Data Source: ACE Equity, Trendlyne) In CY26 so far, the stock has rallied 84%, rising from Rs 308 to Rs 566. Goldman Sachs India holds about a 1.90% stake, currently valued at approximately Rs 122 crore. In CY26 so far, the stock has rallied 79%, rising from Rs 702 to Rs 1,255. Goldman Sachs India holds about a 2.40% stake, currently valued at approximately Rs 470 crore. In CY26 so far, the stock has rallied 65%, rising from Rs 1,134 to Rs 1,873. Goldman Sachs India holds about a 2.16% stake, currently valued at approximately Rs 367 crore. In CY26 so far, the stock has gained 34%, rising from Rs 908 to Rs 1,221. Goldman Sachs India holds about a 1.41% stake, currently valued at approximately Rs 365 crore. In CY26 so far, the stock has gained 29%, rising from Rs 1,611 to Rs 2,071. Goldman Sachs India holds about a 2.12% stake, currently valued at approximately Rs 203 crore. In CY26 so far, the stock has gained 29%, rising from Rs 5,920 to Rs 7,609. Goldman Sachs India holds about a 1.06% stake, currently valued at approximately Rs 412 crore. In CY26 so far, the stock has gained 26%, rising from Rs 1,700 to Rs 2,141. Goldman Sachs India holds about a 3.97% stake, currently valued at approximately Rs 272 crore. In CY26 so far, the stock has gained 20%, rising from Rs 6,387 to Rs 7,659. Goldman Sachs India holds about a 1.37% stake, currently valued at approximately Rs 368 crore. In CY26 so far, the stock has declined 24%, falling from Rs 778 to Rs 595. Goldman Sachs India holds about a 2.70% stake, currently valued at approximately Rs 199 crore. In CY26 so far, the stock has declined 25%, falling from Rs 1,721 to Rs 1,290. Goldman Sachs India holds about a 2.86% stake, currently valued at approximately Rs 134 crore. In CY26 so far, the stock has declined 26%, falling from Rs 619 to Rs 458. Goldman Sachs India holds about a 1.76% stake, currently valued at approximately Rs 156 crore.

Goldman Sachs’ India bets: 8 stocks rally up to 85% in CY26; one new addition
North America
CNBC Economy

UN agency pauses Hormuz ship evacuation plan after first vessel attack under peace deal

The International Maritime Organization has paused its efforts aimed at evacuating ships and seafarers stranded inside the Middle East Gulf after a vessel was attacked in the Gulf of Oman. The pause follows a container ship being struck by an unknown projectile near the coast of Oman on Thursday, with a U.S. official telling MS Now that Iran was behind the attack. The evacuation plan would be temporarily paused "in order to reconfirm that the necessary safety guarantees continue to be in place for the ships on our evacuation list and ​all those in the region," Arsenio Dominguez, Secretary-General of the ​International Maritime Organization, a specialized agency of the United Nations, said in a statement. When asked about its response to the attack, a U.S. official said "we are aware of these reports and looking into them. President Trump has been clear that Iran cannot subvert the free flow of traffic in the strait." The IMO initiative, launched on Tuesday, was aimed at supporting hundreds of stranded ships and thousands of seafarers to sail out of the Gulf, using either a northern route via Iranian waters or a southern route via Omani waters with U.S. oversight, the IMO said earlier this week. Shipowners had been seeking to transit the Strait of Hormuz after the U.S. and Iran struck an interim peace deal to pause hostilities for 60 days as negotiations for a permanent peace deal proceeded. Traffic through the Strait of Hormuz has partially recovered but remains well below pre-war levels. In the week following the ceasefire, 125 vessels passed through the strait, according to Lloyd's List Intelligence, the highest level of weekly transits since the war started in late February. On Wednesday, Iran's military warned vessels to not use the southern route approved by the IMO and said any new transit route through the Strait of Hormuz established without its approval is "unacceptable and dangerous," as Tehran seeks to reinforce its grip over the vital energy waterway. At least two vessels performed U-turns on their way out of the Middle East Gulf, according to Lloyd's, after Iran insisted that vessels use the routes approved by Tehran. Both were using the southern route closest to the Omani coastline. The attacked vessel carried a Singapore flag and was owned by shipping giant Evergreen, according to Lloyd's. It did not ⁠transit under IMO's evacuation framework, Dominguez said in the statement. Evergreen, Singapore's Ministry of Trade and Industry and Ministry of Foreign Affairs did not respond to CNBC's requests for comment. Get this delivered to your inbox, and more info about our products and services.

UN agency pauses Hormuz ship evacuation plan after first vessel attack under peace deal
North America
CNBC Economy

U.S. issues sweeping Iran oil sanctions waivers, unlocking billions in revenue for Tehran

The U.S. has issued a sweeping rollback of sanctions on Iranian oil, allowing dollar-denominated trade for the first time in more than four decades, as Washington and Tehran press on with fragile talks toward a permanent peace deal. The U.S. Treasury on Monday issued a wide-ranging 60-day exemption allowing Iran to produce and sell crude oil, petrochemical and petroleum products in U.S. dollars through Aug. 21. Under the so-called General License X, vessels and entities previously subject to U.S. sanctions are also cleared for transactions. The waiver also theoretically reopens the door to U.S. imports of Iranian crude, a trade which has effectively collapsed since the 1990s under the weight of heavy sanctions, according to the U.S. Energy Information Administration. The move on Monday marks the most sweeping rollback of American oil sanctions against Iran since the 1979 Islamic Revolution, reversing years of pressure designed to cripple Iran's economy, and is expected to deliver billions in oil revenue for the Iranian regime. The license could unlock a floating inventory of around 67 million barrels of Iranian crude stranded in the Gulf, handing Iran a potential financial windfall of $8 to $9 billion according to Miad Maleki, a former Treasury sanctions official and now a senior fellow at the Foundation for Defense of Democracies, a Washington-based think tank. "Production, sales, dollar payments, petrochemicals and protected shipping — all switched on at once," he said. "Together, they amount to a sustained reopening of Iran's most important revenue stream." U.S. President Donald Trump defended the lifting of the sanctions, saying on Monday that any oil profits were meant for Iran to purchase American agricultural goods, rather than rebuild its military. The latest sanctions relief followed a memorandum of understanding signed last week between the U.S. and Iran. Talks in Switzerland that concluded Monday have yielded positive progress toward a final deal. Iranian crude exports have picked up in recent weeks as the U.S.-Iran negotiations progressed, with 6.79 million barrels shipped out last week — the highest level in two months — according to maritime intelligence firm Windward. Iranian crude, which typically trades at a discount to global benchmarks, could also shift to a premium above Brent given demand pressure, further increasing Tehran's revenue windfall, said Brett Erickson, a managing principal at Obsidian Risk Advisors. The latest exemption allows Iran to receive oil proceeds directly into its central bank, reducing the transaction costs previously incurred by routing payments through shadow banking intermediaries. "With dollar clearing now authorized, expect China to accelerate purchases aggressively," said Maleki. Chinese buyers, in the past, have settled transactions through opaque channels to avoid secondary U.S. sanctions exposure.

U.S. issues sweeping Iran oil sanctions waivers, unlocking billions in revenue for Tehran
Europe
The Guardian

As billionaires’ wealth soars, US workers struggle: ‘The rich keep getting richer for no good reason’

People protest against the SpaceX IPO outside JPMorgan Chase in New York City on 12 June 2026. Photograph: Sarah Yenesel/EPAView image in fullscreenPeople protest against the SpaceX IPO outside JPMorgan Chase in New York City on 12 June 2026. Photograph: Sarah Yenesel/EPAUS income inequalityAs billionaires’ wealth soars, US workers struggle: ‘The rich keep getting richer for no good reason’Ultrarich face backlash as billionaire tax in California makes it to the ballot and Americans organize for higher wages The day that Elon Musk became the world’s first trillionaire, Gilberto Rubio, a security officer in the San Francisco area, said he was thinking about how to cut back on meals to save money. Jessica Ordeñana, a bartender in midtown Manhattan, was worrying about air conditioning ahead of a heatwave because she can’t afford her soaring electricity bills. Ordeñana and Rubio are just two of the millions of workers in the US struggling to make ends meet in an economy in which inflation has wiped out recent gains in wage growth and consumer confidence is at an all-time low, even as wealth has surged for the ultrarich. On Thursday, California’s controversial billionaire tax measure officially made it to the ballot after an expensive and hard-fought campaign that saw some of the world’s richest people pour millions into efforts to derail the effort. That fight will now continue until November’s general election, with Silicon Valley expected to spend even more money to prevent the measure from passing. The wealthiest 0.00001%, about 20 individuals, hold wealth equal to 12% of the US’s gross domestic output, according to data compiled by the French economists Gabriel Zucman and Emmanuel Saez, about four times greater than levels seen during the gilded age. Musk lost his trillionaire status on Wednesday. It dipped below the threshold as investors soured on AI. But he has still added $327bn to his fortune in the last 12 months alone. A stock market rally would soon push him back over the top and bring his cohort up with him. The rise in Musk’s extraordinary wealth – up from about $28bn in 2020 to now close to $1tn – was cemented by SpaceX’s stock market listing. More millionaires and billionaires will be minted in the coming months as SpaceX’s share sale is followed by offerings from AI rivals Anthropic and OpenAI. The US is home to 989 billionaires. They owned more than $9.2tn in wealth in 2026, up 31.8% since 2025, according to a report by Americans for Tax Fairness. And as the billionaires’ wealth has soared, workers in the US are falling behind. In 2025, US workers took their smallest share of gross domestic product on record since 1947, falling to 53.8% of GDP in the third quarter. The US inflation rate hit 4.2% in May 2026, wiping out 3.4% in wage growth for the past year.

As billionaires’ wealth soars, US workers struggle: ‘The rich keep getting richer for no good reason’