South Korea plans more than $1 trillion in investments to expand chipmaking, AI data centres and robotics infrastructure. President Lee Jae Myung says the effort is aimed at securing AI leadership and reviving regions beyond Seoul.
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Apple raised prices on several MacBook, iPad and other devices, blaming surging memory and storage costs linked to AI data center demand. Microsoft’s Xbox division also announced console price increases as chip costs climb.
The Fed’s preferred inflation measure rose at a 4.1% annual pace in May, the fastest since April 2023, as energy prices climbed. Consumer spending and incomes still increased after adjusting for inflation.
SpaceX shares rose sharply in their Nasdaq debut after the company raised $75 billion in the largest IPO on record. The listing values Elon Musk’s company at about $1.77 trillion while analysts question its profitability and AI-driven valuation.