Nasdaq Slips 0.24% as Apple, Microsoft Price Hikes Add to AI Cost Concerns

Wall Street’s main stock indices pared early losses on Friday as investors bought the dip, but ended mildly lower, with the tech-heavy Nasdaq closing down 0.24%, according to RTHK. Tech shares came under pressure after Apple announced price hikes on laptops, tablets and other products, citing rising memory and storage costs linked to artificial intelligence. Microsoft also announced price increases for its Xbox gaming consoles, citing AI-driven component cost increases. Analysts also pointed to news that OpenAI would delay its IPO until next year over concerns it would not attract enough interest to support a US$1 trillion listing. In commodities, oil prices fell as shipping traffic resumed through the Strait of Hormuz. Brent crude dropped 4.3% and West Texas Intermediate fell 3.7%, with Brent returning to levels seen before the war on Iran began. The UN maritime agency said a UN operation had freed 115 vessels and 2,500 seafarers trapped by the dispute over control of the strait before an attack on a ship in the Gulf of Oman forced the suspension of a UN evacuation.