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Apple is reportedly preparing to launch an OLED display upgrade for the iPad Mini as soon as October, according to Bloomberg’s Mark Gurman, marking what would be the most significant redesign for the compact tablet since it was last overhauled in 2021. The upgrade, however, is expected to arrive alongside another price increase for the popular device, continuing a trend that has affected much of Apple’s product lineup this year.

The OLED iPad Mini has been the subject of rumors for months, with Gurman previously reporting that the upgraded display would come paired with a higher price tag. That expectation has only strengthened in recent weeks. Apple raised prices across its Mac and iPad lineup last month, pushing the cost of the current iPad Mini up by $100. Given that context, any new OLED version of the tablet is expected to carry an even steeper price than its predecessor once it launches. Earlier reporting had suggested a starting price increase of roughly $100 for the OLED model specifically, which would put the tablet’s starting cost in the range of $599, though final pricing has not been confirmed.

The broader price pressure facing Apple’s product lineup stems from an unprecedented global memory chip shortage that has rippled across the consumer electronics industry throughout 2026. Apple raised prices on its entire Mac and iPad lineup, along with its home devices and the Vision Pro headset, in late June, citing what the company described as an extraordinary and rapid increase in component costs. In a statement at the time, Apple said, “We have never seen a component price increase this much, this quickly. We have shielded our customers from these increases so far, but we have now reached a point where we need to begin raising prices.” The starting price of the MacBook Air rose to $1,299 from $1,099 as part of that round of increases, while Apple’s lower-cost MacBook rose to $699 from $599.

Apple Chief Executive Tim Cook has described the scale of the memory shortage in stark terms, characterizing the situation as a “hundred-year flood” during discussion of the company’s pricing decisions. The shortage has been driven largely by the explosive growth in demand for memory chips tied to artificial intelligence data center infrastructure, with major memory manufacturers redirecting production capacity away from consumer electronics and toward high-bandwidth memory used in AI applications. According to research firm TrendForce, DRAM prices surged 98% in the first quarter of 2026 alone, with projections for a further increase of 58% to 63% in the following quarter.

The three companies that dominate global memory chip production — Micron, SK Hynix and Samsung, which together control roughly 95% of the market — have increasingly prioritized supply agreements with AI infrastructure companies like Nvidia, which has signed long-term contracts reserving future memory production capacity. That shift has effectively pushed consumer devices like laptops and tablets toward the back of the supply queue, forcing device makers to compete for remaining memory supply at prices dictated by the broader shortage.

Apple was notably among the last major consumer hardware companies to formally pass these rising memory costs on to customers, having absorbed a portion of the increased costs for longer than many of its competitors before ultimately raising prices in June. Other major electronics makers, including manufacturers of gaming consoles and personal computers, had already begun raising prices or reducing specifications on new products earlier in the memory shortage, with Samsung’s Galaxy S26 smartphone notably launching with less storage and a higher price than its predecessor as a direct result of the constrained supply environment.

The OLED iPad Mini is not the only upcoming device expected to be affected by the shortage and Apple’s broader shift toward higher pricing. According to Gurman, Apple is also planning upgrades to both the iPad Air and the base iPad model, with those refreshes expected to arrive early next year. The base iPad is expected to receive a relatively modest update centered on a new processor, without major changes to its overall design. The iPad Air, meanwhile, is expected to eventually receive its own OLED display upgrade, though that transition is reportedly still some time away, with earlier rumors suggesting the Air’s OLED upgrade may not arrive until sometime next year, after an initial refresh expected this spring. Gurman has also indicated that updates to the iPad Pro lineup and Apple Pencil could arrive as soon as next spring, continuing Apple’s gradual rollout of OLED technology across its tablet lineup.

Apple’s decision to raise prices has already had a visible impact on its stock. Shares of the company fell more than 6% on the day the June price increases were announced, marking one of Apple’s largest single-day declines in several months, as investors weighed the potential impact of higher prices on consumer demand against the necessity of offsetting rising component costs.

Broader forecasts for the PC and tablet market have also grown more cautious as a result of the memory shortage and the price increases it has triggered across the industry. Research firm IDC has projected that the global PC market will contract by 11.3% in 2026, a decline researchers have attributed in part to the price sensitivity that rising costs are expected to accelerate among consumers weighing new device purchases.

For now, Apple has held pricing steady on its iPhone, Apple Watch and AirPods lineups, even as it has signaled that further price adjustments to other products remain possible as the memory shortage continues. With the iPhone 18 expected to launch in September, industry watchers have speculated that Apple may eventually be forced to extend price increases to its flagship smartphone line as well, particularly if the memory shortage persists into next year as current forecasts suggest. In the meantime, the OLED iPad Mini’s expected October debut will offer an early test of how consumers respond to Apple’s higher post-shortage pricing on one of its most popular smaller devices.

Fossil Group plans to close up to 15 stores this year as the watch and accessories company continues trimming its global retail footprint under a broader turnaround plan focused on costs, profitability and balance-sheet strength.

Executives for the Richardson, Texas-based company said on Fossil’s first-quarter earnings call that the company shuttered seven stores during the quarter and expects total closures to reach up to 15 locations in 2026. The closures would leave Fossil with about 185 stores globally by the end of the year, Chief Financial Officer Randy Greben told investors.

The store cuts come as Fossil works to stabilize its business after years of pressure on sales. The company reported first-quarter net sales of $224.8 million, down from $233.3 million a year earlier. Its net loss attributable to Fossil Group narrowed to about $810,000 from $17.6 million in the prior-year quarter, while operating income improved to $12 million from an operating loss of $6.7 million.

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The store cuts come as Fossil works to stabilize its business after years of pressure on sales. (Gary Hershorn/Getty Images)

Fossil had 193 stores worldwide as of April 4, down from 220 a year earlier, according to its latest quarterly filing. The company closed 28 stores and opened one over that period, leaving it with 92 stores in the Americas, 47 in Europe and 54 in Asia.

The company has already made a larger pullback from brick-and-mortar retail. Fossil said in its annual filing that it closed 49 underperforming retail stores in fiscal 2025 as part of a turnaround plan aimed at refocusing the company on its core business, rightsizing its cost structure and strengthening its balance sheet.

Fossil had 193 stores worldwide as of April 4. (Krisztian Bocsi/Bloomberg via Getty Images / Getty Images)

Fossil’s turnaround plan also included a corporate workforce reduction and the transition of certain smaller international markets to a distributor model. The company said those moves helped it achieve about $100 million in selling, general and administrative cost savings in fiscal 2025 compared with fiscal 2024.

The company is not abandoning stores altogether. CEO Franco Fogliato told investors that Fossil had “significantly scaled back” its downsizing plan because of improved performance in full-price stores. Fossil has also said its 2026 strategy includes reducing the pace of store closures while focusing on profitable growth, operating-model improvements and shareholder value.

Fossil’s products are sold in about 132 countries through company-owned sales subsidiaries and independent distributors. (Roberto Machado Noa/LightRocket via Getty Images)

Still, Fossil has acknowledged risks tied to physical retail. In its annual filing, the company said traffic to its stores depends heavily on the success of the malls and retail centers where they are located. Fossil warned that declining mall traffic, anchor-store closures or the closure of a significant number of malls where it operates could weigh on its results.

Fossil’s products are sold in about 132 countries through company-owned sales subsidiaries and independent distributors. As of Jan. 3, the company operated 88 retail stores and 111 outlet stores, primarily under the Fossil brand.

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FOX Business reached out to Fossil Group for comment.

JPMorgan Chase CEO Jamie Dimon on Wednesday said there is still a lot of uncertainty over how AI will impact the workforce and people shouldn’t be “breathless” in their concerns as new technologies have historically created new jobs.

Dimon said in a conversation with Sen. Dave McCormick, R-Pa., at the Pennsylvania Defense and Innovation Summit that “we don’t really know” about the impact of AI on the workforce as the emerging technology advances.

“I think people should stop being breathless over it. You know, it’s created a lot of jobs in our company, and yeah, there are areas where it’s reduced jobs a little bit,” Dimon said.

“Technology always creates new jobs. The question is going to be if it happens too fast, somehow, people are adopting it too fast and jobs are being lost – middle-class jobs before they could be retrained to replace,” Dimon said.

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JPMorgan Chase CEO Jamie Dimon said it’s unclear how AI will impact the workforce and so people shouldn’t panic over it. (Caroline Brehman/Bloomberg via Getty Images)

“We’re talking about work skills, it’s the exact same thing we should be doing anyway. That is how to fix it,” he added.

“People know, at JPMorgan, we’re going to redeploy our own people. We reskill them, retrain them,” Dimon said. “I think there are fixes for that.”

“I think we’re kind of scaring the whole world much more rapidly than we should about it,” he said.

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Dimon noted that new technologies have historically led to the creation of new jobs. (Nathan Laine/Bloomberg via Getty Images)

The JPMorgan Chase CEO said that based on experience within his company, he thinks “we all have to be more rational in how we use some of this.”

“Here’s the choice: do you save money over here because you know that you can do less, or do you simply want to do faster? I’m kind of, of the mindset, do what I want to do faster, give you better stuff quicker,” Dimon said.

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“So the headcount won’t go down because I want to make you happier, not less happy. So people should just take a deep breath, but the planning should be around jobs – I think that planning will protect us against too rapid job loss from AI if, in fact, it ever happened,” he added.

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The UK economy returned to growth in May, expanding by 0.1 per cent after contracting the previous month, handing Andy Burnham the thinnest of economic cushions as he prepares to enter Downing Street next week.

The monthly figure, published by the Office for National Statistics, was in line with City forecasts. On the more reliable three-monthly measure, gross domestic product rose by 0.7 per cent, ahead of projections of 0.5 per cent but slowing from 0.8 per cent in the previous three-month period. The economy expanded by 0.3 per cent in March.

For small business owners, the detail matters more than the headline. The growth that does exist is being generated almost entirely by services, the sector in which most of Britain’s SMEs operate. Services output rose by 0.3 per cent in May, rebounding from a 0.1 per cent fall in April, with information and communications technology, science and research, and professional services among the best performers.

The picture elsewhere is bleaker. Output in production contracted by 0.5 per cent in May and construction fell by 0.8 per cent, Liz McKeown, the director of economic statistics at the ONS, said. For builders, manufacturers and the supply chains of smaller firms that depend on them, the second quarter has offered little comfort.

The timing is awkward for the incoming prime minister. The economy outperformed at the start of the year, registering quarterly growth of 0.6 per cent, but has slowed sharply since, hit by the rising energy prices that have already pushed up costs for firms across the country. As our coverage of March’s jump in inflation to 3.3 per cent set out, fuel and energy bills are squeezing SME margins in ways that are hard to hedge and harder to pass on.

Forecasters expect annual GDP to expand in the range of 0.9 to 1.1 per cent this year, down from 1.4 per cent last year. That is the backdrop against which Burnham, who has signalled “room for movement” on tax and pledged a business rates cut for pubs and high street firms, will have to make his sums add up.

Ben Caswell, the senior economist at the National Institute for Economic and Social Research, said the “weakness in growth [will] continue into the third quarter”.

He added: “With volatile energy prices, higher inflation on the horizon, and fragile public finances, the new PM inherits a stagflationary economy and will have just under three years to turn around a tough economic situation.”

That word, stagflationary, will land uncomfortably with the eight in ten SME owners who have already told researchers they fear what a Burnham premiership means for their business. A slow-growing economy with inflation on the way up leaves little room for the tax rises his critics expect, or the spending his supporters demand.

For now, the message for business owners is one of watchful pragmatism. Growth has returned, but only just, and it is services firms doing the heavy lifting. Whether the new government lightens their load or adds to it will become clear soon enough. The autumn Budget suddenly looks a long way off, and very close indeed.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.