Microsoft said Thursday that it has increased the recommended retail prices of its Xbox video game consoles and some controllers globally due to “market conditions.”

The announcement, which also affects some new first-party games, means consumers will be paying more for consoles this holiday season as they reckon with higher costs from President Donald Trump’s sweeping tariffs on imports.

“We understand that these changes are challenging, and they were made with careful consideration given market conditions and the rising cost of development,” Microsoft said on a support page. “Looking ahead, we continue to focus on offering more ways to play more games across any screen and ensuring value for Xbox players.”

Microsoft said the increase will not hit existing video game titles.

Nintendo and Sony have also announced plans to charge more in recent weeks.

In April, Nintendo announced the $449.99 Switch 2 console, a step up from the original $300 Switch, and also lifted the price of games. Sony, citing inflation and currency changes, said its disc drive-free PlayStation 5 will become more expensive in Europe and three other countries, effective April 14. Prices for the PlayStation Plus subscription service, which allows people to download games and play against others online, also rose in some countries.

For Microsoft, the entry-level Xbox Series S with 512 GB of storage costs $379.99 in the U.S. as of Thursday, up from $299.99. The flagship Xbox Series X will go for $599.99, up from $499.99. Both consoles debuted in 2020. The price of the special edition of the Xbox Wireless Controller will increase to $79.99 from $69.99.

The recommended pricing for some new games will be $79.99 in the holiday timeframe, Microsoft said. In 2023, prices for major Microsoft titles rose to $70 from $60.

Popular video games have become more expensive to produce, an issue that is now of particular concern to Microsoft following the company’s $75.4 billion acquisition of Activision Blizzard in 2023. Activision Blizzard’s Call of Duty: Black Ops Cold War from 2020 cost upward of $700 million to make, Game File reported, citing an executive’s comments in a legal filing.

On Wednesday, Microsoft said sales of Call of Duty and Minecraft increased during the fiscal third quarter.

Amazon is slated to announce its first-quarter earnings after the market close on Thursday.

Here’s what analysts are looking for:

• Earnings per share: $1.36 expected, according to LSEG
• Revenue: $155.04 billion expected, according to LSEG

Wall Street is also looking at other key revenue numbers:

• Amazon Web Services: $29.42 billion expected, according to StreetAccount
• Advertising: $13.74 billion expected, according to StreetAccount

The topic of tariffs will hover over Amazon’s earnings report. Several of the company’s businesses are exposed to President Donald Trump‘s new tariffs, especially its core retail unit. Investors will want to know whether Trump’s 145% levy on China could impact Amazon’s margins, and whether uncertainty around the tariffs has caused shoppers to be more cautious with their spending.

The results come days after the White House ripped Amazon over a report that the company planned to display tariff-related costs to shoppers. Amazon said no such change was coming, and that it only considered adding a line item to products sold via its discount storefront, called Haul.

“This was never approved and is not going to happen,” Amazon said in a blog post on Tuesday.

Amazon CEO Andy Jassy told CNBC last month the company is working to keep prices low for consumers, including by making strategic forward inventory buys on products overseas. But he acknowledged some third-party sellers will “need to pass that cost” of tariffs to consumers.

Analysts believe Trump’s tariffs could provide a boost to Amazon’s retail business, at least in the short term, as some shoppers have stocked up on items in anticipation of price hikes.

Retail sales rose 1.4% in March, after rising 0.2% in February, according to Commerce Department data, indicating there may have been a pull forward in spending.

Investors will be keeping a close eye on Amazon’s guidance for the current quarter. Some analysts have suggested the impact of Trump’s tariffs may not show up until then, or potentially the third quarter.

“A meaningful portion of products sold on the eCommerce platform (apparel, furniture, toys, accessories, consumer electronics, etc.) come from China, which may impact forward guidance,” Canaccord analysts wrote in a note to clients this week. “That said, we think Amazon’s vast product selection and structural advantages in price and logistics should enable it to mitigate some of the impact.”

Amazon could also potentially benefit from Trump’s executive order to end the de minimis trade exemption, which is set to take effect on Friday. Discount Chinese retailers Temu and Shein have relied heavily on the loophole, which allows shipments under $800 to enter the U.S. duty-free, as a way to keep their prices low.

Both companies began raising prices last week, while Temu added “import charges” between 130% and 150% to some of its products. The prices of many of their products are more aligned with competitors like Amazon, but could still take more than a week to arrive.

Outside of retail, Amazon’s cloud computing business and investments in AI will also be in focus. It’s been a mixed bag for Amazon’s cloud peers so far. Microsoft reported strong cloud growth in its third-quarter earnings on Wednesday, while Alphabet‘s cloud revenue fell just short of estimates last week.

For the quarter, analysts are projecting AWS revenue of $29.4 billion, according to StreetAccount. That would represent growth of 17.6%, compared to 18.9% growth in the fourth quarter.

Amazon last quarter pledged to boost capital expenditures to $100 billion this year, with the “vast majority” going toward AI services. The company has been rushing to roll out AI products across its businesses. In March, Amazon released a new AI agent for web browsers, and it began testing new AI assistants for its shopping and health platforms.

Amazon’s stock is down more than 13% year to date, while the Nasdaq has fallen less than a percent over the same stretch.

WATCH: Tariff spat reveals big tech tensions

Apple reports fiscal second-quarter earnings Thursday after the bell.

Wall Street is eager to hear from Apple for the first time about how it is planning to deal with the Trump administration’s tariffs. Investors will also want to know what impacts tariffs might have on the company’s sales, earnings and product prices.

Neither Apple nor CEO Tim Cook have yet to publicly comment on the hefty tariffs President Donald Trump announced for every country around the world on April 2 or the revised plans to place tariffs of up to 145% on imports from China.

Apple makes about three-quarters of its revenue from physical products such as iPhones, Macs and iPads that are mostly made in China, and the U.S. is its largest market.

Analysts at TD Cowen have estimated that the current tariffs could cost Apple 6% of its earnings per year.

Investors will also look to see what Apple says about the current quarter. While Apple hasn’t given formal guidance since 2020, it typically provides investors with several comparisons and data points that can be used to back into a forecast.

But the plans around Trump’s tariffs have already changed several times, and several other companies have stopped giving guidance, citing macroeconomic uncertainty.

Analysts polled by LSEG are expecting Apple to signal that it expects $89 billion in sales in the June quarter, or about a 4% increase on an annual basis.

Tariffs might have one silver lining for Apple — customers in the U.S. and retailers may have stocked up on iPhones and other products to beat the tariffs, which could elevate the March quarter’s revenue. Wall Street is expecting $94.68 billion in revenue, which would be a 4.2% increase on an annual basis, according to LSEG.

Apple’s sales in China will also be under a microscope. Some investors have worried in recent years that Chinese nationalism was reducing the appeal of the American-designed iPhone in the country, and the current trade war threatens to kick up the economic rivalry even more.

Analysts will likely ask Cook and finance chief Kevan Parekh on Thursday about the company’s outlook for mainland China. Wall Street is looking for $17 billion in sales, according to FactSet, which would be 3.6% growth on an annual basis.

Here’s what Wall Street expects, according to LSEG:

• Earnings per share: $1.63
• Revenue: $94.68 billion

WATCH: Street’s biggest Apple bear says a production move to India is unrealistic