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US-made chips: Apple will spend more than $30 billion over the next five years on U.S.-made chips from Broadcom, spurring the production of over 15 billion chips domestically. The deal is Apple’s largest disclosed commitment under its $600 billion U.S. investment plan and focuses on wireless connectivity chips for devices like iPhones and Macs. Apple will continue sourcing many of its most advanced chips overseas while gradually expanding U.S. production. The Wall Street Journal has the full story.
Oil prices jump: Oil prices rose as investors weighed the risk of potential supply disruptions amid renewed tensions between the U.S. and Iran and concerns about shipping through the Strait of Hormuz, a key route for global crude exports. Brent crude and West Texas Intermediate both gained in Wednesday trading, though analysts said prices remained below the peaks seen earlier this year because markets still expect major supply disruptions to be avoided. CNBC has the full story.
Likely to continue: Lavazza says coffee prices are likely to remain elevated as ongoing market volatility continues to disrupt the industry, even though prices have eased from record highs. The company expects climate-related supply risks, speculation and uncertainty to keep prices unstable, making it difficult for consumers to see meaningful relief. Lavazza also warned that roasters will need to balance higher costs with maintaining demand as expensive coffee weighs on consumption. Bloomberg has the full story.
