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On June 18th, according to the Wall Street Journal, Apple (AAPL.O) CEO Tim Cook stated that Apple plans to raise product prices to offset soaring costs of memory and storage chips. "Unfortunately, price increases are inevitable," he said. "We are doing our best to mitigate these enormous price increases that are being passed on to us, and we have been trying to protect our customers from these price hikes, but the current situation has become unsustainable." Cook declined to disclose the timing or magnitude of the planned price increase, or which products would be affected. Cook stated that memory and storage chip prices are issues facing the company, and he paid particular attention to the DRAM market, noting that more and more resources are currently being allocated to so-called high-bandwidth memory used in AI servers. "Consumers need devices, and memory manufacturers are pushing up prices while supply is decreasing," Cook said. "We really need memory prices and supply to return to a level that is reasonable for consumer products. Thats the key." Cook also stated that Apple is prepared to use its cash reserves to increase memory supply. He said, "We are willing to use our balance sheet to address some of the issues. Obviously, more capacity is needed." However, Cook also stated that Apple will not use its cash and silicon technology to build its own memory and storage factories. “We can’t do everything at once, but we know where our strengths lie.”Apple (AAPL.O) shares rose slightly in after-hours trading, currently up 0.7%.The Dow Jones Industrial Average closed down 506.51 points, or 0.97%, at 51,493.16 on Wednesday, June 17; the S&P 500 closed down 91.22 points, or 1.21%, at 7,420.13; and the Nasdaq Composite closed down 354.69 points, or 1.34%, at 26,021.66 on Wednesday, June 17.June 18th - On Wednesday, following a hawkish Federal Reserve meeting, the three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 0.97%, the S&P 500 fell 1.2%, and the Nasdaq Composite fell 1.3%. SpaceX (SPCX.O) closed down 5%, Nvidia (NVDA.O) fell 1%, and Western Digital (WDC.O) rose 4%. The Nasdaq China Golden Dragon Index closed down 1.1%, and Li Auto (LI.O) fell 3%.Apple (AAPL.O) is preparing to release the second-generation iPhone Air in the spring of 2027. The iPhone Air prototype will feature a second rear camera and an upgraded battery.

Celsius Network Close to Zeroing Outstanding Debt With $59 Million Aave Payment

Jimmy Khan

Jul 13, 2022 15:46

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Celsius (CEL-USD) doesn't want to commit the bankruptcy trap, as several of its contemporaries have recently done. It has been perilously close to falling over a cliff because of its substantial market obligations. But as of right now, the Celsius network is one step closer to paying off these loans. After making a sizable contribution to the Aave (AAVE-USD) network, it is almost financially independent of the platform. Additionally, it's enabling Celsius to reclaim a substantial stockpile of staked Ethereum (ETH-USD) tokens.


One of the most well-known crypto fund managers and DeFi platforms available is Celsius. Through its trading, lending, and staking platforms, the platform at its height was in charge of managing $20 billion in assets. But it has been falling sharply since the most recent crypto meltdown.


Since the bitcoin market crashed, Celsius has become heavily indebted to other DeFi service providers. The business owes Aave and sister DeFi platform Compound a combined $258 million (COMP-USD). The ecosystem of MakerDAO (MKR-USD) owes another $223 million.


With these obligations close at reach, bankruptcy was a very real prospect for Celsius. Both Three Arrows Capital and Voyager Digital, fellow asset managers, announced their own bankruptcy filings in late June of last year.


This forced the business to use some less-than-ideal asset protection strategies, according to investors. This includes a withdrawal stop that was implemented in order to maintain the liquidity of the network. Although efficient, it infuriated the 500,000 customers who were unable to remove their assets off the blockchain during the market meltdown.

Celsius Network is still able to stay out of bankruptcy.

The Celsius network was able to cobble together the cash necessary last week to settle its $223 million debt to Maker. It got the $450 million it had pledged as collateral in return. The business immediately used the money to deposit a $950 million collateral with Aave and Compound. This week, the business has been actively attempting to get rid of those debts.


This week, Celsius is making progress on its debt to Aave and Compound in addition to bringing on a new legal team to help it escape bankruptcy at all costs. The business paid off $20 million of its debt to Aave yesterday. It is now paying down an additional $81 million. Following the start of this payment, Celsius' total debt to Aave was only $8.5 million. A further $410 million in collateralized staked ETH tokens were also made available.


Between Aave and Compound, Celsius only owes a total of $59 million more in debt. But a setback is unfortunately on the horizon for the business. KeyFi, a DeFi startup, is suing Celsius for allegedly refusing to uphold an agreement between the two.


KeyFi has been using the money from Celsius to make risky, leveraged bets. KeyFi claims Celsius failed to adhere to the agreed-upon proportion of earnings that it was understood the two would share with KeyFi. The business is now suing Celsius in court. It is making strong assertions that Celsius is a Ponzi scheme, which will provide the business with additional challenges in the future.

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