People spend a lot of time on their devices. The AI boom means they'll also be spending more for them.

Why it matters: The enormous sums of money going into the AI race are driving up costs for resources and components throughout the economy.

• That's now becoming increasingly apparent to ordinary Americans who might have thought that AI's impact would be primarily on their jobs.

Driving the news: Apple provided the clearest evidence yet today, raising prices by as much as 25% on MacBook and iPad models — and blaming soaring memory chip costs due to AI demand.

• The same memory squeeze is now hitting gaming consoles. Also today, Microsoft announced price increases of as much as $150 on Xbox consoles — which comes after Sony and Nintendo recently made similar moves.

The big picture: For now, the AI boom is moving through the economy less like a sudden wave of layoffs and more like a giant buyer of scarce resources, including electricity, water, storage and data center space as well as chips.

• It's an "unprecedented challenge" for device makers like Apple, according to Wedbush Securities analyst Dan Ives.
• Consumer gadgets had been one of the few places where prices reliably fell over time for the past few decades. The AI infrastructure boom is reversing that norm.

The bottom line: Americans have been wondering how AI technology would change the economics of their lives. The first place many are feeling it may be in their wallets.

Bayer prevailed today in the Supreme Court case that was set to decide the fate of its weedkiller Roundup, which it acquired when it bought Monsanto, Axios' Adriel Bettelheim and Tina Reed write.

• The Supreme Court ruled that consumers can't use state courts to bring lawsuits against manufacturers that don't warn of hazards surrounding their products.

Why it matters: The case was a major friction point for activists in the Make America Healthy Again movement, who have been calling for a crackdown on chemicals like glyphosate, the active ingredient in Roundup, in the food supply.

Driving the news: In a 7-2 ruling, justices said federal pesticide law preempts a lawsuit against Monsanto for failing to include a warning about cancer risks on the label.

• Monsanto said the decision "is good for science, farmers, and industries that depend on regulatory clarity for innovation."

The impact: Bayer shares soared 17% after the ruling.

Flashback: Bayer CEO Bill Anderson told Nathan in April that "we need a predictable regulatory regime" and that the Supreme Court decision was "really critical."

Read more

💼 JPMorgan Chase appointed Doug Petno and Troy Rohrbaugh as co-presidents. The move sets up a competition between them to eventually succeed CEO Jamie Dimon. (WSJ)

🔮 Kalshi is raising funds at a valuation of about $40 billion, one month after raising $1 billion at a $22 billion valuation. (FT)

😦 Anthropic accused Chinese e-commerce and tech giant Alibaba of attempting to copy Claude. (Ars Technica)

Polestar, the Chinese-owned electric vehicle company, is withdrawing from the U.S. market after the Commerce Department banned its high-tech cars, citing national security concerns, Axios' Joann Muller writes.

The big picture: It's the latest sign of a new, fractured era in the auto industry. After decades of globalization, the industry is splintering into regional markets and supply chains, driven by geopolitics and the rise of low-cost, high-tech competition from China.

Driving the news: Polestar, majority-owned by China's Geely Holding, is the first casualty of a Biden-era rule that restricts the import and sale of cars with connected-vehicle ​technology linked to China beginning with the 2027 model year.

• Polestar had applied for a waiver — similar to one recently granted to its sister company, Volvo Cars, also a Geely-controlled company — but the Commerce Department denied its request, the company said.

What's next: Polestar dealers will sell down Polestar 3 and Polestar 4 vehicles in stock, and the carmaker said it will continue to support customers, including providing access to Polestar's service network.

Read more