Technology
Memory and compute prices, not model scores, are setting the agenda
The week's technology stories were mostly about cost. Kioxia fell as much as 17% on a cautious outlook, a reminder that memory has become the swing input for servers, PCs and handsets. Microsoft offered buyouts to about 27% of its workforce while funding an AI build-out, and Apple retook the title of most valuable listed company largely by spending less than its peers. Capex discipline is now a product feature: the companies that are cheapest to believe in are being rewarded for restraint, at least until the next earnings cycle tests it.