If you’re excited about Apple’s upcoming foldable iPhone, you might want to start saving now.

Apple is reportedly preparing to raise prices across its product lineup as the cost of key memory and storage chips continues to climb. According to research firm TechInsights, those increases could add roughly $270 to the price tag of Apple’s next iPhone Pro model.

The culprit is, of course, AI. As tech giants pour hundreds of billions of dollars into AI infrastructure, demand for memory and storage chips has surged. That has left manufacturers of everything from cars to consumer electronics and medical devices struggling to compete for the same supply, driving prices for some components up fourfold since last year.

While that’s bad news for consumers, it’s great news for memory stocks. Shares of Micron rose 8.7% to another record high today, while overseas rivals Samsung and SK Hynix also climbed 4.62% and 6.51%, respectively, as investors bet that AI demand will keep driving memory prices higher.

Made in America

Micron wasn’t the only company getting a boost from Apple. Intel jumped 10.64% after President Trump announced that Apple has agreed to partner with the chipmaker to design and manufacture chips in the US, formalizing a preliminary agreement reached last month.

The deal is the latest step in Washington’s effort to rebuild domestic semiconductor production, following the government’s $8 billion purchase of a 9.9% stake in Intel last August that’s now worth roughly $60 billion.

The bull case

Intel shares are up 263.12% this year, and a new deal with one of the biggest names in tech could give them more room to run. Wedbush analyst Dan Ives said Apple’s push into US manufacturing could create a major opportunity for Intel as the AI-driven device-upgrade cycle ramps up.

The company also recently began trial production of its new 18A-P manufacturing process, which offers improved performance and power efficiency over its standard 18A technology, and could help attract more customers. Analysts at Counterpoint Research believe Apple could test the production process for its application to future Mac and iPad chips, potentially giving Intel a foothold in a business long dominated by TSMC.—SY

🟢 What’s up

• Take-Two Interactive gained 4.93% after announcing that preorders for Grand Theft Auto VI will open on June 25.
• Enphase Energy rose 9.42% after launching a new commercial solar product in the US.
• Smith & Wesson popped 17.12 % as a rebound in firearm demand helped drive a 27% increase in quarterly sales.
• Butterfly Network surged 55.87% after Midjourney unveiled a medical imaging platform powered by Butterfly’s ultrasound-on-chip technology.
• Marvell Technology gained 7.27% after KeyBanc raised its price target by 48%, citing growing demand for optical networking infrastructure.

What’s down

• Accenture plunged 17.97% after reporting mixed earnings and announcing acquisitions of three cybersecurity firms.
• Kroger fell 8.43% despite a sales beat as the company warned that inflationary pressures are expected to intensify in the second half of the year.
• Steel Dynamics dropped 7.49% after issuing current-quarter earnings guidance that fell short of expectations.
• Pfizer declined 2.74% following news that CFO Dave Denton will step down in August.

It’s been almost a week since SpaceX made its public debut, and the hype surrounding the company has been blinding on both Wall Street and Main Street thanks to eye-popping stats like these:

• The stock is now the most expensive company on the S&P 500.
• Every time SpaceX shares gain $1, Elon Musk’s net worth rises by about $6 billion.
• In fact, Musk made $164.8 billion on Monday afternoon from SpaceX’s rally—more than Warren Buffett’s entire net worth.

But a bit of reality set in today and took some of the shine off the AI/space-exploration/datacenter behemoth. Shares sank 3.56% on a Bloomberg report that SpaceX may soon offer a $20 billion bond sale, raising money to fund the company’s massive AI plans. And investors are beginning to realize that the further we get from the IPO, more and more SpaceX insiders will be able to sell their shares as the lockup period ends, which might prompt some serious resistance for the stock.

Wall Street seems confident that today’s drop is a mere hiccup: Two analysts just trotted out new sky-high price targets for the stock, anticipating that Elon Musk’s company could climb up to $401 per share. And support from index funds and ETFs buying the stock, as well as exuberant retail investors who began buying options this week, could continue to propel shares higher.

It’s still early days for SpaceX, but the company is now the seventh biggest stock in the world. Only time will tell if it can maintain its stunning rise, or if the hype eventually fades.—MR

What’s the one thing Sam Altman, Bernie Sanders, and Donald Trump can agree on?

Don’t worry, it’s not the setup for some bad joke. All three believe regular Americans deserve a slice of AI companies.

We’ve written for months about how the Trump administration has ushered in a counterintuitive wave of government stakes in companies, from rare earths to quantum to chipmakers like Intel (see our story above). The move has been controversial: Critics argue that the federal government getting into bed with corporations is playing with fire, while proponents point to the fact that it has generated billions of dollars in profits for the government.

But unlike pretty much every single issue you can think of, there’s support across the political spectrum for the government buying shares of AI titans. President Trump himself has suggested the idea, saying earlier this month to reporters, “There’s something very interesting about it, where it almost becomes a partnership with the American public.”

Even OpenAI CEO Sam Altman seems to be on board: In April, the company proposed a public wealth fund that would give Americans exposure to the AI market. The proposal was part of OpenAI’s talks with the Trump administration about a government stake in the private company.

AI stock for you, AI stock for you, AI stock for everyone

Today, one of DC’s most outspoken critics of corporate power is hopping on the bandwagon, too. Vermont Senator Bernie Sanders outlined the most aggressive proposal yet for giving Americans a slice of the AI pie. The details of Sanders’s proposition, which were first reported by the Associated Press today, go much further than just the government taking a minority equity stake:

• The legislation proposed that a sovereign wealth fund would be financed by a one-time 50% tax on AI companies that reach $200 million in annual AI sales, paid in stock to the fund.
• The fund, which Sanders estimates would have roughly $7 trillion in stock, would be used to finance healthcare, housing, and education.
• An independent commission nominated by the president would manage the fund and use voting shares to “block decisions that hurt the American people.”

“The public has got to have a significant seat at the table to make sure that terrible things do not happen to ordinary people, and that in fact, AI benefits ordinary people, not hurts them,” Sanders told the AP yesterday.

Altman met with Sanders earlier this month to discuss his ideas, but Sanders’s 50% government ownership is a far more radical proposal than the measly minority stake Altman envisions giving the government. After all, even if tech titans are willing to give the rest of us plebeians a slice of the pie, it’s hard to imagine them handing over control to a government commission.

Zoom out: These proposals arrive while backlash to AI is becoming an increasingly key point on the campaign trail across the country. Whatever form it takes, the idea that Americans should directly own the AI companies that many think may one day put them out of a job—might be one of the only issues that unites Silicon Valley titans, MAGA, and democratic socialists.

Hey, if you can’t beat ’em, buy ’em.—LB

• CME Group filed a lawsuit against the CFTC over so-called “perps”, aka the crypto perpetual futures market.
• Amazon is in talks to sell custom AI chips to datacenter companies, threatening Nvidia’s dominance.
• State Farm just trashed its contracts with 19,000 sales agents, thanks to a new AI-focused strategy.
• The private credit withdrawal crisis is going from bad to worse.
• Trump’s attempt to fire Fed governor Lisa Cook cost her over $1 million in legal and security fees.
• Here’s why Hollywood is banking on Toy Story 5.

Earnings and economic reports: There aren’t any big announcements dropping tomorrow, since US markets are closed for Juneteenth (and we’ve got the day off).

Everything else: Fire up the grill, mow the lawn, and keep the TV tuned in to the US Open for Father’s Day on Sunday.