Mining vs AI: What’s wrong with this picture?
As the saying from mid-19th century California goes, during a gold rush the easiest way to get rich is selling shovels and picks.
Starbucks Corp. (SBUX) has announced that it is raising prices on bagged coffee for sale at its U.S. locations an average of 17% due to rising coffee costs. The company stated that the in-store increase goes into effect July 12.
Starbucks is not the only company feeling pressure to raise prices due to rising agricultural commodity prices. The J. M. Smucker Company (SJM) also announced this week that it is raising prices 11% on packaged coffee, including Folgers, Millstone and packaged Dunkin’ Donuts sold at supermarkets. Smucker bought Folgers from Proctor & Gamble Co. (PG) in 2008, and also raised coffee prices 10% in February and twice in 2010 (over a 30% increase since then). Kraft, maker of Maxwell House, raised its brand’s price similarly over the last year.
