Markets await the PCE price index for Fed cues. Chipmakers surge on strong Micron and Qualcomm earnings. A bipartisan housing bill faces political hurdles. Oil prices ease as Strait of Hormuz traffic resumes. Toyota gains automotive market share over GM. Wendy’s stock soars due to meme stock interest.

Apple has increased prices for MacBook and iPad models due to soaring component costs driven by AI demand. This marks the first time Apple has formally passed on such expenses, a move CEO Tim Cook anticipated as unavoidable. The price hikes reflect a quadrupling of memory and storage costs, with specific model increases ranging from $50 to $300. Industry analysts predict further price adjustments across Apple’s product line, potentially impacting iPhones and incentivizing upgrades to support new AI features.

Anthropic is rapidly expanding its compute infrastructure in the Asia-Pacific region to meet soaring demand for its AI models. The company is actively hiring data center professionals in Australia and Japan, focusing on engineering, operations, and deal sourcing. This strategic move underscores intense global competition for AI processing power and highlights Australia’s advantages for infrastructure development, including land, renewable energy, and political stability, while Japan offers a strong domestic AI focus and evolving grid. Securing adequate energy supply remains a key challenge across the region.

A second worker has died at BYD’s new EV plant construction site in Szeged, Hungary, raising serious safety and labor practice concerns. This follows a previous fatality and a significant fine issued to a construction subsidiary for occupational security violations. Allegations of forced labor have also surfaced. Despite BYD’s claims of robust safety, these incidents and regulatory actions cast a shadow over its ambitious European expansion.

Micron Technology Inc. reported blockbuster third-quarter earnings, with revenue quadrupling year-over-year to $41.46 billion, driven by massive AI-fueled demand for memory components. The company forecasts $50 billion in revenue for the current quarter. Micron’s stock surged 16.4% in premarket trading. This strong performance has boosted the broader tech sector, with other semiconductor stocks also seeing significant gains. Long-term customer agreements totaling $22 billion further solidify Micron’s optimistic outlook.

Qualcomm’s stock surged 15% on ambitious data center expansion plans. The company projects $40 billion in non-handset revenue by 2029, including $15 billion from data centers, and aims for over $18 EPS. Key to this strategy is the new Dragonfly C1000 CPU for agentic AI workloads, with Meta planning to integrate it. Qualcomm is also expanding its portfolio with AI chips and interconnect solutions, leveraging its mobile expertise and existing hyperscaler relationships. An acquisition to bolster AI software capabilities further strengthens its competitive position.

Micron Technology reported a remarkable surge in Q3 revenue, quadrupling to $41.46 billion due to intense AI-driven demand for memory and storage. The company exceeded forecasts, with adjusted EPS at $25.11. Micron anticipates this strong performance to continue, forecasting $50 billion in revenue for the current quarter. Significant improvements in gross margins and net income were also noted. Long-term agreements totaling $22 billion with key customers secure future demand and provide visibility for investments.

OpenAI is developing its own custom “Jalapeño” chip with Broadcom to address the immense costs of scaling AI models like ChatGPT. This move aims to improve efficiency and reduce reliance on third-party hardware, mirroring Apple’s vertical integration strategy. The chip is optimized for LLM inference, minimizing data movement. OpenAI’s accelerated chip design process leverages its own AI models, with initial deployment planned for late 2026.

Anthropic accuses Alibaba of a massive “illicit distillation attack” to steal its AI capabilities, using millions of fraudulent interactions. This follows recent White House directives and Anthropic’s previous alerts about similar theft attempts. The accusation highlights growing concerns over AI intellectual property theft and national security in the global AI race.

Micron Technology is experiencing unprecedented profitability driven by surging AI demand. The company achieved an 84.9% gross margin, surpassing tech giants like Nvidia and Meta. This success stems from high demand for its High Bandwidth Memory (HBM) products, crucial for AI processors. Micron’s strategic customer agreements are securing high margins, and analysts predict continued market tightness beyond 2027.