Apple reported blowout first-quarter results with record-breaking iPhone sales, driving all-time record revenue. However, CEO Tim Cook warned of the global memory chip shortage impacting the company, leading to potential price increases for phones. Supply constraints may limit iPhone production, affecting revenue. Apple faces a 25% increase in memory costs, possibly leading to higher phone prices. 1. The World Health Organization reports a record daily increase in COVID-19 cases, with more than 300,000 new infections worldwide. The United States, India, and Brazil are among the hardest-hit countries, contributing to the surge in global numbers.

2. The European Union announces a historic €750 billion recovery package to help member states recover from the economic impact of the pandemic. The funds will be distributed as grants and loans to support industries and workers affected by the crisis.

3. In the US, weekly jobless claims fall below 1 million for the first time since March, indicating a slight improvement in the labor market. However, economists warn that the recovery is fragile and more government support may be needed to sustain positive momentum.

4. Apple becomes the first US company to reach a market value of $2 trillion, fueled by strong sales of iPhones and other products during the pandemic. The tech giant’s stock price has surged more than 50% this year, making it the most valuable publicly traded company in the world.

Read more at Yahoo Finance: Apple faces iPhone pricing challenge, supply crunch as AI demand deepens global memory chip shortage