In a surprise move, Intel and Apple have announced a partnership to produce semiconductors domestically in the United States. This comes after President Trump highlighted the collaboration during a recent social media post. The deal is expected to help boost domestic chip production and create jobs, but it may also lead to higher prices for Apple products due to the ongoing memory chip crunch.

According to CEO Tim Cook in an exclusive interview with the Wall Street Journal, Apple plans to raise prices on its products to offset the surging costs of memory and storage chips. While Cook declined to provide details on the timing or scale of the planned price increases, it is clear that the situation has become unsustainable. The next major product launch for Apple is expected in September with the release of the iPhone 18 lineup, which may include a new foldable iPhone.

Meanwhile, Accenture (ACN) saw its stock plummet 15% after cutting its FY guidance. With a P/E ratio of 10x, expectations were already low, but the significant drop was notable. Other peers such as CTSH, INFY, and IT also saw declines, with Conf call scheduled for 8am ET.

In terms of financial performance, Accenture’s F3Q EPS beat estimates by 9 cents, but bookings were down 3% year-over-year in local currency to $19.3 billion. Revenue came in at $18.72 billion, a 3% year-over-year increase driven by Consulting revenue and Managed Services revenue. The company guided for 4Q.

The partnership between Intel and Apple is a significant development in the tech industry, as it highlights the growing trend of domestic chip production. As the demand for semiconductors continues to rise, it will be interesting to see how other companies adapt to the changing landscape. With prices set to increase due to the memory crunch, consumers may need to prepare for higher costs in the coming months.