Apple Price Hikes Rattle Tech, Europe's Record Heat Wave

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Technology stocks once again pulled global indexes lower as renewed selling in semiconductor manufacturers and a possible delay to OpenAI’s public debut hit sentiment. Asian and European tech slumped after Apple raised prices for its products, stoking concern that rising component costs will curb demand for devices and eventually slow the memory chip rally that has powered much of the AI trade.

Volkswagen is reportedly looking to cut tens of thousands of additional jobs and may shutter factories in a push to make Europe’s biggest automaker more competitive. The plans, presented by the CEO during a management board meeting earlier this week, include doubling staff reductions to as many as 100,000, according to Manager Magazin.

The heat wave searing much of Europe is officially the most severe ever recorded in the region, according to a study published on Friday. Researchers at World Weather Attribution, who looked at heat and humidity levels during both the day and night during three consecutive days in June, found that temperatures were between 5C and 12C above the seasonal averages across France, Germany, Italy, Spain and southern England.

Today’s guests: Christian Mueller-Glissmann, Goldman Sachs Head of Asset Allocation Research; Philipp Freise, KKR Co-Head of European Private Equity; Sarah Kapnick, JPMorgan Global Head of Climate Advisory
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“The Pulse With Francine Lacqua” is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops.

Chapters:
00:00:00 – The Pulse
00:00:50 – Tech IPOs and AI development in focus
00:04:07 – Christian Mueller-Glissmann, Goldman Sachs Head of Asset Allocation Research
00:15:19 – Philipp Freise, KKR Co-Head of European Private Equity
00:23:16 – Friday headlines
00:23:57 – Sarah Kapnick, JPMorgan Global Head of Climate Advisory
00:30:14 – Heatwave chokes Rhine barge supply chains
00:32:06 – Volkswagen look to 100,000 job cuts in restructuring: Report
00:36:20 – Why South Korea’s AI stock mania raises red flags
00:38:50 – Qualcomm sees $15 billion data centers sales by 2029
00:43:30 – Naples outpaces Milan, driving economic growth
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