Companies featured include Johnsey Estates, FleetEV, Blake Morgan, Browne Jacobson and Mor Cleaning

Owner of the 140-acre Mamhilad Park Estate near Pontypool, Johnsey Estates, has appointed former PwC partner Rob Lewis to its board.

Mr Lewis retired as a deals partner at PwC earlier this year, where his corporate restructuring experience included the commercial property sector. He grew up in Cardiff and went to university in Swansea before starting as a graduate trainee at PwC’s Cardiff office.

During his 36 years with the firm, he progressed into roles including regional chair for Wales and the west of England and chief operating officer of PwC’s UK restructuring team. He is also a trustee of the London Welsh Centre and canon treasurer of Llandaff Cathedral.

Johnsey Estates ownership of Mamhilad Park Estate, near Pontypool, dates back to the 1980s. Originally home to the first UK base for the former British Nylon Spinners (BNS) manufacturing centre, today the estate also includes the adjacent land, known locally as the Parke-Davis site, which Johnsey Estates purchased in the 1990s.

Since then, and particularly over the past decade, Mamhilad Park Estate has been one of the largest regeneration projects in south east Wales, including its designation as a key mixed-use site in Torfaen County Borough Council’s local development plan.

Johnsey Estates executive chair, James Crawford, said: “Rob’s commercial acumen and regeneration experience are unrivalled and sought-after which, coupled with his particular understanding of and passion for Wales, make this an excellent appointment for us. We are delighted to welcome him.

Mr Lewis said: “I’m really looking forward to working with the team here on the next stage of the company’s evolution. While UK commercial property is facing considerable challenges, Mamhilad Park Estate is a very special place, with its industrial heritage, picturesque setting and prime location.

“The team here sees its role as working with occupiers to support their growth, and I immediately liked that really clear focus on commercial property as a driver for company success. And, of course, it’s great to be working back in Wales again with a well-regarded local business.”

Mr Lewis is also a non-executive director of Victoria Square Woking, the Woking Borough Council-owned development company delivering the town centre’s regeneration programme.

Browne Jacobson

Law firm Browne Jacobson has appointed Paul Duggan partner. Based at the firm’s Cardiff office heading up its banking and finance team. The appointment comes at a moment of significant growth for the Cardiff office team, which moved into a new permanent 9,500 sq ft office at One Central Square in January, having expanded from seven to more than 50 people over the past three years.

Mr Duggan joins nine partners and three legal directors already based in the Welsh capital.

He advises on a wide range of debt finance transactions, with a particular focus on acquisitions, management buy-outs and refinancings. He acts for banks and lenders, corporate borrowers, sponsors and private equity houses, as well as not-for-profit organisations and public sector bodies.

Mr Duggan said: “Browne Jacobson is exactly the right firm to be building a banking and finance practice here in Cardiff. The office has grown at pace, and I’m excited by the energy and intent behind the firm’s investment in Wales. I want to be part of building something lasting here, bringing banking and finance advice to clients across Wales and the wider UK.”

Tim Edds, partner and head of Cardiff at Browne Jacobson, said: “Paul is a significant appointment for our Cardiff office. Bringing in a dedicated banking and finance partner of his calibre reflects both where we are now and where we are going. He is exactly the kind of lawyer clients in this market need: technically excellent, commercially minded and straightforward to work with. Combined with the recent additions to our real estate and construction teams, we have a genuinely comprehensive offering in Cardiff.”

FleetEV

Cardiff-based electric vehicle provider FleetEV has appointed Shannon Jenkins as commercial and public sector account manager as the business continues to expand its support for organisations transitioning to electric fleets.

Bringing experience in account management and business development, her role will focus on building long-term partnerships, identifying new opportunities and helping customers navigate every stage of their electrification journey, from fleet planning through to salary sacrifice schemes and wider EV solutions.

She said: “FleetEV’s ambitious and collaborative culture also stood out to me, and I’m excited to contribute to the company’s continued growth while developing as part of a high-performing team.I’m looking forward to meeting new people, strengthening relationships and supporting the next chapter of FleetEV’s expansion.”

Jarrad Morris, founder and chief executive of FleetEV, said: “As demand for EV solutions continues to grow across both the public and private sectors, it’s important that we continue investing in talented people who can build trusted, long-term relationships with our customers.

“Shannon brings great energy, commercial experience and a genuine commitment to helping organisations find the right solutions for their fleets. She’ll play an important role as we continue to grow our customer base and support more businesses and public sector organisations on their transition to electric vehicles.”

Blake Morgan

Blake Morgan has appointed Joanna Rees and James Williams, both based in the firm’s Cardiff office, as business group heads for its construction and corporate teams respectively, with responsibility spanning the firm’s operations across the UK.

Ms Rees takes on the leadership of the firm’s construction business group, succeeding Richard Wade, who led the team for 12 years. The construction team comprises 22 lawyers across the firm, including six based in Wales.

Mr Williams takes over as business group head for corporate from Simon Staples, who led the group while also serving as an elected member of the firm’s Board. The corporate team has 37 lawyers across Blake Morgan, nine of whom are based in Wales.

Mike Wilson, managing partner at Blake Morgan, said: “Congratulations to Jo and James on their appointments as business group heads for construction and corporate. They both bring considerable experience and a clear commitment to their teams, and I look forward to seeing them build on the strong foundations laid by Richard and Simon.

“I would also like to thank Richard Wade and Simon Staples for their contributions as business group heads. We are very grateful to them both for their dedication during their time leading their respective teams.”

Ms Rees said:“I am delighted to take on this role and to build on the excellent foundations Richard has laid over the past 12 years. We have a talented national Construction team, and I am looking forward to working with them to develop the practice further and continue delivering strong results for our clients.”

Mr Williams said: “It is a privilege to lead the corporate team, and I am grateful to Simon for everything he has put into the role. We have an exceptional group of legal professionals in our national corporate team, and I am incredibly excited about what we can achieve together for our clients at a time of dynamic growth for our practice.”

Lee Fisher, co-head of the Wales Office at Blake Morgan, said:“We are delighted to see Jo and James take on these national leadership roles. It is a real statement of the quality of our people here in Wales.

“Both Jo and James are highly regarded by clients and colleagues alike, and this is a well-deserved recognition of their expertise and leadership. We look forward to the continued growth of their teams under their direction.”

Môr Cleaning

Môr Cleaning has appointed entrepreneur Rayner Mayers as a non-executive director to support ambitious growth plans.

The Barry-based commercial cleaning company, founded by Kirsty Hosking, plans to create up to 50 new jobs over the next 12 months as it sets its sights on expanding its commercial presence across South Wales.

Ms Mayers brings more than 18 years of business and commercial cleaning experience, including first-hand experience of building and scaling her previous Welsh commercial cleaning company.

Managing director Ms Hosking said: “We’ve reached a really exciting stage in Môr Cleaning’s journey. I’m incredibly proud of what we’ve built, but I’m also very clear about where I want the business to go next.

As founders, it can be very easy to become consumed by the day-to-day running of a business. You know your clients, your team and your operation inside out, but there comes a point when you have to lift your head, look further ahead and start making decisions for the business you want to become, not simply the business you are today.

That was a major reason for bringing Rayner into Môr Cleaning. When I was considering who I wanted alongside me, it was important to find someone who had actually walked the path we’re now embarking on.”

“Rayner built a Welsh commercial cleaning business to 358 employees and achieved six consecutive years of recognition in the Wales Fast Growth 50 before successfully leading a Management Buy Out (MBO) in 2021.

She’s experienced first-hand the opportunities, pressures and challenges that come with scaling, and that experience is invaluable to me.

Our ambition is to create up to 50 new jobs over the next 12 months while continuing to expand our commercial presence across South Wales. But I want us to grow properly. That means investing in our people, developing strong leaders and ensuring the decisions we’re making today supports the business we want Môr Cleaning to become.

Ms Mayers said:“The first things that impressed me about Kirsty were her commitment to the cleaning industry, her passion for developing her team and her determination to make a genuine difference to her clients and the environments they operate in.

“Having built and scaled my previous commercial cleaning business, achieving six consecutive years of recognition in the Wales Fast Growth 50, I know first-hand that sustainable growth doesn’t happen by accident. I understand both the opportunities and the challenges that come with reaching each new milestone.

” Through every phase of growth we need to ensure the foundations are solid, and we are one step ahead of the potential growth pains that come with fast growing companies.

“That experience means I can support Kirsty and her management team not only in setting ambitious goals, but in putting the strategy, leadership and accountability in place to achieve them.”

Toys R Us is bringing its iconic toy aisles back to another American shopping mall as the once-dominant retailer continues a brick-and-mortar comeback that has nostalgic fans buzzing.

A new location is coming to Northridge Fashion Center in California’s San Fernando Valley, joining a growing roster of Toys R Us stores opening across the country, years after the chain shuttered its U.S. locations.

The mall’s website lists Toys R Us as “Coming Soon,” while the retailer’s website now shows more than 30 standalone and flagship locations nationwide.

An opening date for the Northridge store has not yet been announced.

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Toys R Us and Babies R Us signage is displayed outside a retail location as shoppers walk through the parking lot. Toys R Us has continued rebuilding its brick-and-mortar presence since its 2017 bankruptcy and 2018 U.S. store closures. (RB/Bauer-Griffin/GC Images / Getty Images)

News of the latest location quickly caught the attention of longtime Toys R Us fans, with some calling for the retailer to lean into its nostalgic appeal and bring back toys from decades past.

“They should do retro toy section for us grown ups who were a kid so we can relive our childhood memories back in the day,” one person commented on a post from What’s New SFV, a local social media page dedicated to happenings around the San Fernando Valley.

Another commenter appeared ready for even more familiar retailers to make a comeback, writing, “Now bring back JoAnn’s and Payless.”

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A view of Macy’s Toys R Us July 11, 2022, in Jersey City, N.J.  (Eugene Gologursky/Getty Images for Macy’s, Inc / Getty Images)

The Northridge opening marks the latest chapter in a yearslong effort to rebuild a brand that was once a fixture of American childhood.

Toys R Us, which once dominated toy sales in the U.S., filed for Chapter 11 bankruptcy protection in 2017 after years of declining sales and under the weight of $5 billion in debt.

The retailer shuttered its U.S. stores in 2018 before the brand reemerged under new parent company Tru Kids Brands the following year.

In November 2019, Toys R Us opened a nearly 6,000-square-foot, smaller-format store at Westfield Garden State Plaza in Paramus, New Jersey, marking its return to brick-and-mortar retail in the U.S. A second location followed at The Galleria in Houston, Texas.

Both stores later closed in January 2021 amid the COVID-19 pandemic.

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Closing signs outside the Toys R Us store in Coventry, Britain, March 13, 2018. (Reuters/Hannah McKay / Reuters)

Brand management firm WHP Global acquired a controlling stake in Toys R Us in March 2021 and has since worked to rebuild the retailer’s physical footprint.

Later that year, Toys R Us opened a 20,000-square-foot flagship at American Dream in New Jersey.

The comeback expanded further in 2022 with the launch of hundreds of Toys R Us shops inside Macy’s stores nationwide.

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“Macy’s cannot wait to bring the Toys R Us experience to life in our stores,” Macy’s Chief Merchandising Officer Nata Dvir said at the time. “We hope Toys R Us kids of all ages discover the joy of exploration and play within our shops and families create special memories together.”

The partnership also delivered a significant boost to Macy’s toy business. The retailer said its toy sales during the first quarter of fiscal 2022 were 15 times higher than during the comparable period before the Toys R Us partnership.

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A classic Toys R Us store displays the iconic multicolored logo above its entrance. The toy retailer is expanding its brick-and-mortar presence in the U.S. years after shuttering its stores nationwide. (Bauer-Griffin/GC Images / Getty Images)

Toys R Us then set its sights on an even broader return.

WHP Global announced in 2023 that it was partnering with Go! Retail Group to roll out additional Toys R Us flagship stores across the U.S. beginning in 2024, part of an expansion strategy the company dubbed “air, land and sea.”

“The Toys R Us brand is growing fast and our expansion into air, land and sea is a testament to the brand’s strength,” WHP Global Chairman and CEO Yehuda Shmidman said when the plans were announced.

Shmidman said the company had increased the brand’s global retail footprint by more than 50% since acquiring Toys R Us, with more than 1,400 stores and e-commerce sites across 31 countries at the time.

The company also expanded beyond traditional shopping centers, opening its first airport store at Dallas Fort Worth International Airport and announcing plans to bring the brand aboard cruise ships.

The U.S. expansion has continued.

The Toys R Us website now lists more than 30 standalone and flagship locations nationwide, in addition to the brand’s presence inside Macy’s stores.

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The planned Northridge location is the latest sign that the retailer synonymous with generations of childhood wish lists is continuing to rebuild its brick-and-mortar presence across the country.

Fox News Digital reached out to Toys R Us and Northridge Fashion Center for comment.

KKR says it’s set to reap $3.3 billion in after-tax proceeds from its $17 billion sale of insurance brokerage USI to Aon. That’s a gain of about 3.4 times the investment the private-equity giant has made in the company. The companies unveiled the agreement Monday, after The Wall Street Journal reported Sunday the deal was imminent:

The discussions are at an early stage and may not result in a transaction, according to people familiar with the matter cited by Bloomberg. One option under consideration is to list the business separately, with Capital IQ Pro potentially fetching a valuation in the high single-digit billions of dollars, the people said.

Investors appeared to welcome the possibility of a separation. S&P Global shares, which had been lower earlier in the session, rose as much as 6.3% from the day’s low.

Known as CapIQ, Capital IQ Pro is part of S&P Global’s Market Intelligence division and is the successor to the company’s legacy Capital IQ platform. The software is used by finance professionals to conduct research and provides access to data on more than 60 million private companies, according to S&P Global’s website.

A spinout would give CapIQ its own corporate identity at a time when financial data providers are facing a significant shift in how information is collected, distributed and used. The rise of artificial intelligence is also increasing demand for large pools of structured and proprietary data that can support financial models and research tools.

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As a standalone company, CapIQ would compete more directly with established financial information providers including FactSet Research Systems, which has a market value of more than $11 billion, and the data arm of London Stock Exchange Group.
The potential separation also fits with Chief Executive Officer Martina Cheung’s broader efforts to reshape S&P Global. Cheung has led the company since 2024, during a period in which S&P has reorganized parts of its portfolio and sharpened its focus on core businesses.In July, S&P Global spun off its automotive intelligence unit into Mobility Global. Cheung said the move gave S&P “sharper focus” on its core divisions.

A CapIQ spinout could extend that strategy, allowing S&P Global to concentrate more tightly on its remaining businesses while giving the data platform greater independence and potentially a separate market valuation.

Still, the discussions remain preliminary, Bloomberg reported, and S&P Global could ultimately decide against pursuing a separation. That would leave Capital IQ Pro within the broader company rather than as a separately traded business.

(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)

Draycott Group has secured backing for its Harlech Court scheme from Close Brothers

The developer behind a 30-storey new residential scheme in the centre of Cardiff has secured £67.2m in funding to complete the project.

Cardiff-based property development firm Draycott Group has struck the lending facility with Close Brothers Property Finance for its Harlech Court scheme which secured planning consent last year.

The project, which on completion is expected to have a gross development value of £100m, will deliver 340 build to rent (BTR) apartments and will be one of the tallest buildings in Wales.

The main tower crane is now in place at the site. Intelle Construction is main contractor and Stephenson RC Frames the frame contractor. The development is scheduled for completion in early 2029.

Draycott said it could potentially sell the investment on, but its priority at present is to complete the scheme.

Harlech Court is the first funding deal Close Brothers has struck with Draycott Group, which has 40-year track record of delivering residential and commercial schemes, including BTR and purpose built student accommodation.

In Wales the BTR market has seen robust growth over the last year, with a 16% increase in units (completed, under construction and in planning) from 3,296 in Q1 2025 to 3,824 in Q1 2026. The number of units in planning has grown by two-thirds over the same period.

Harlech Court will be built on former purpose built office block. It will comprise one and two-bedroom apartments and will feature amenities including a residents’ co-working area, meeting room, gym, residents’ lounge and sky lounge.

The deal was led by Close Brothers’ structured finance team, which was established in 2025 to sit alongside the bank’s core SME housebuilder business, which it has serviced for over 50 years. Headed up by managing director Chiara Caldwell, the structured finance team is dedicated to backing BTR, co-living and purpose built student accommodation schemes across the UK. Shon Pallickaleth was appointed as business development director in February this year to drive growth across Wales, the South West and the Midlands.

Phil Hooper, chief executive of Close Brothers Property Finance, said: “Harlech Court is exactly the type of scheme our structured finance team was set up to back: a landmark development in an excellent central location in a capital city that continues to see strong demand for quality rental stock. We’re proud to be partnering with Draycott and to be growing our presence in the living sector with the same relationship-led approach that’s made us a trusted partner to housebuilders and developers for over 50 years.”

Sajid Ghaffar, chief executive of Draycott Group, said “This is the largest scheme that we have delivered to date and it will transform the Cardiff city skyline. Cardiff is a market we know extremely well, having been active in residential and commercial property development for over 40 years, and Harlech Court builds on that long-standing track record.

“The team at Close Brothers Property Finance have understood our ambition from day one and worked closely with us to structure a facility which has enabled the scheme to move forward at pace. Working with a lending partner with similar longevity and a clear commitment to the region has been enormously valuable.”

Wheat is starting off a new week with sharp losses on Monday. The wheat complex extended the move to 3-year highs for the winter wheats into the weekend. Chicago SRW contracts rallied 10 ½ to 24 ¼ cents across the board on Friday, with September 85 ½ cents higher on the week. Open interest was up 4,975 contracts on Friday. There were just 9 deliveries first notice day for Sep CBT wheat.  KC HRW futures saw gains of 10 to 24 ¼ cents in the front months, as September was 71 ½ cents higher since last Friday. There were 143 delivery notices for September KC wheat on FND. MPLS spring wheat joined in on the rally, with contracts 8 ¼ to 12 ½ cents higher, as September was up 47 cents this week.

Over the weekend, Turkey was reportedly pushing for a Black Sea shipping corridor to help restore the flow of grains. 

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Export Sales data has wheat sales for the current marketing year at 8.342 MMT, down 31% from the same week last year. That is 40% of the USDA export projection and behind the 52% average. 

CFTC’s weekly Commitment of Traders report showed managed money cutting back another 12,314 contracts from their CBT wheat net short position in the week of 8/25 to a net short of 14,171 contracts. Nearby Chicago has rallied 82 cents since Tuesday’s close. In KC wheat, specs added another 9,227 contracts to their net long to 44,062 contracts.

Sep 26 CBOT Wheat  closed at $7.67, up 24 1/4 cents, currently down 13 3/4 cents

Dec 26 CBOT Wheat  closed at $7.84, up 23 1/4 cents, currently down 16 3/4 cents

Sep 26 KCBT Wheat  closed at $8.27 3/4, up 24 1/4 cents, currently down 14 3/4 cents

Dec 26 KCBT Wheat  closed at $8.44 1/4, up 22 1/4 cents, currently down 14 3/4 cents

Sep 26 MIAX Wheat  closed at $7.45 1/4, up 12 1/2 cents, currently down 7 1/4 cents

Dec 26 MIAX Wheat  closed at $7.69 1/4, up 11 1/2 cents, currently down 10 1/2 cents

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com

Customers of shipping giant UPS began reporting problems with the company’s website and app starting at approximately 11:40 a.m. Eastern time Tuesday, according to outage-tracking service Downdetector, prompting a wave of complaints on social media under the hashtag #UpsDown.

Downdetector, an Ookla-owned platform that has monitored the health of more than 12,000 online services since its 2012 launch, posted on X shortly after the reports began surfacing. “User reports indicate problems with UPS since 11:40 AM EDT,” the account wrote, asking affected customers to describe how the disruption was impacting them.

Separate outage-tracking service StatusGator listed UPS as operational as of a check conducted Tuesday afternoon, logging only four user-submitted outage reports over the preceding 24-hour period at the time of that assessment, a relatively low figure compared with the volume implied by Downdetector’s own reported spike earlier in the day. That discrepancy illustrates how different outage-monitoring platforms, which rely on varying combinations of user complaints and automated website-performance checks, can produce differing pictures of a company’s service health depending on when and how frequently they update their data.

UPS’s tracking and shipping tools have experienced periodic technical issues in the past, according to user reports compiled by StatusGator’s dedicated tracking page for the service. Previous complaints have included customers unable to complete shipping labels through the company’s website, with one user describing a persistent “spinning wheel” when attempting to reach the payment and printing stage of the shipping process, and another reporting a broader website glitch that repeatedly reloaded pages and blocked access to billing and payment features.

Other user comments compiled by outage-tracking site Outage.Report reflect a range of specific complaints tied to different parts of UPS’s digital ecosystem, including one customer reporting an inability to access a package locker through the company’s Yeep app, a UPS-affiliated delivery locker service, describing the malfunction as leaving them “no way to open a locker.” That same tracking service noted more broadly on a separate recent check that UPS appeared to be functioning within its typical report volume for the time of day, suggesting that any given spike in complaints does not necessarily indicate a sustained, company-wide outage.

UPS, formally United Parcel Service, operates one of the largest package delivery and supply chain management networks in the world, handling shipments for millions of individual customers and businesses across international markets. Given that scale, even brief disruptions to the company’s tracking and shipping platforms can generate outsized public attention, since delayed access to shipment status information or an inability to generate shipping labels can directly affect time-sensitive business operations and personal deliveries alike.

As of this report, UPS had not issued a public statement addressing the scope, cause or expected resolution timeline for Tuesday’s reported issues. The company’s official service status information is typically communicated through its customer support channels rather than a dedicated public status page comparable to those maintained by some technology companies, meaning affected customers experiencing ongoing problems have generally been directed to UPS’s customer service line or social media support accounts for the most direct updates regarding any active service disruption.

Apple CEO John Ternus marked his first day in the top job at the tech giant on Tuesday, with the company embarking on a new era after former CEO Tim Cook stepped down from the role after 15 years.

Cook, who will remain with Apple as the company’s executive chairman, saw the diversification of its product offerings with the release of devices including the Apple Watch and AirPods, as well as its growth into services through offerings like Apple Pay.

The company also saw explosive growth, becoming the first publicly traded U.S. company to surpass $1 trillion in market capitalization in 2018 – which has since surged to about $4.75 trillion.

Ternus is an Apple veteran who has worked at the company since 2001, primarily in its product design and hardware engineering teams. He joined the executive team in 2021, and his tenure has involved designing and managing the hardware for Mac, iPad, iPhone, Apple Watch and Airpods, while he also oversaw the transition to in-house Apple Silicon chips across most of its major product lines.

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Newly-minted Apple CEO John Ternus has worked at the company since 2001 with a focus on hardware design and engineering. (Adam Gray/Bloomberg via Getty Images)

Leander Kahney, the editor and publisher of Cult of Mac and the author of six books about Apple, told FOX Business that he thinks it’s “a great thing that he comes from a product background because he has that sort of product focus, and Steve Jobs obviously had that too… he was the consummate product guy.”

“I think there’s a continuum between Jobs and Cook and now Ternus, and it’s that focus on products,” Kahney said. “John has worked on every major product that Apple has put out in the Tim Cook era, and he’s deep in the weeds.”

Kahney said that Apple’s focus on manufacturing allows it to make a range of consumer products, but that requires a “deep, deep expertise in how to make things, and Ternus definitely has that.”

“He’s deeply invested in Apple culture, he knows how Apple works, he’s got a great team of people around him,” Kahney added.

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Apple is moving to diversify its base of chip manufacturers amid the memory chip shortage. (Kevin Carter/Getty Images)

One area where Apple has been perceived by some observers as lagging in recent years was in the deployment of AI tools, particularly following the rollout of OpenAI’s ChatGPT, Google’s Gemini and other competing chatbots.

Kahney said that Apple was moving much more slowly and taking a cautious approach to developing AI models, it has avoided privacy issues related to the deployment of those tools. He added that the company’s development of hardware that’s capable of running AI models presents “a good argument that Apple isn’t lagging at all.”

He said that Apple has been building neural engines and AI hardware into its devices which has helped drive demand for Mac products amid the AI boom, creating an “enormous installed base of very, very capable AI devices that they can take advantage of when they start rolling out the models for it.”

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Tim Cook will remain with Apple as the company’s executive chairman. (Justin Sullivan/Getty Images)

Apple has recently announced price increases for various products due to the shortage of memory chips, as well as the time it takes for new chip fabs to be built and begin production.

TSMC, a key partner of Apple, is building plants outside of Phoenix that are expected to eventually produce cutting-edge chips and also handle the packaging of them in the years ahead – though the chip manufacturer also faces heavy demand from AI hyperscalers that can strain its capacity in the near-term.

“It’s a huge challenge, but it’s a challenge for everyone in the consumer electronics space. Everyone’s coming up short of the chips they need because the AI companies are pouring such enormous amounts of money into the data center buildout,” Kahney said.

He noted that Apple has sought to diversify its base of chip suppliers by turning to Intel, which it relied on exclusively for more than a decade to power its Mac product line, as well as some iPhone designs, before it opted to shift its chip design work in-house.

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“This is smart of Apple to diversify its suppliers and to support a previous partner that was obviously very successful for them in the Intel era before it went a bit sideways,” he said.