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.

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

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Nvidia blasted Anthropic Thursday in a rare public clash over artificial intelligence policy with U.S. chip export restrictions set to take effect.

“American firms should focus on innovation and rise to the challenge, rather than tell tall tales that large, heavy, and sensitive electronics are somehow smuggled in ‘baby bumps’ or ‘alongside live lobsters,’ ” a spokesperson for Nvidia said.

Anthropic, the AI startup backed by billions from Amazon, argued for tighter controls and enforcement, saying in a blog post Wednesday that Chinese smuggling tactics involved chips hidden in “prosthetic baby bumps” and “packed alongside live lobsters.”

Chip restrictions from former President Joe Biden‘s term, called the “AI Diffusion Rule,” are set to take effect May 15. The rule puts global export controls on advanced AI chips and model weights to prevent rival nations like China from gaining ground in an escalating AI arms race.

President Donald Trump is reportedly working on updating these restrictions, adding another layer of uncertainty to the already contentious policy.

Anthropic, which relies heavily on Nvidia hardware to train its models, is calling for tighter restrictions that could limit Nvidia’s overseas business and revenue from chip sales.

Anthropic argued that compute access is the key strategic chokepoint in the race to build frontier AI. The company proposed lowering the export threshold for Tier 2 countries, tightening the rules to reduce smuggling risks, and increasing funding for enforcement.

“Maintaining America’s compute advantage through export controls is essential for national security and economic prosperity,” Anthropic wrote.

In a sharply worded response to Anthropic, an Nvidia spokesperson blasted the use of policy to limit competitiveness.

“China, with half of the world’s AI researchers, has highly capable AI experts at every layer of the AI stack. America cannot manipulate regulators to capture victory in AI,” the spokesperson said.

Nvidia CEO Jensen Huang, who visited with Chinese trade officials in mid-April, said Wednesday in Washington, D.C. that China is “not behind” the U.S. in AI and praised Huawei as a top global tech company.

“They’re incredible in computing and network technology, all these essential capabilities to advance AI,” Huang said. “They have made enormous progress in the last several years.”