Apple plans to raise prices due to rising chip costs

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The artificial intelligence boom is forcing Apple to raise its product prices. Tim Cook, Apple's outgoing chief executive officer, confirmed to the Wall Street Journal that price increases were "unavoidable" as surging memory chip prices and the situation around them have become "unsustainable."

Cook did not specify the timeframe of the price hikes, but the company is expected to launch its newest version of the iPhone in September. Memory chips are considered essential components of devices like smartphones, but the increased demand for AI-related infrastructure and products has driven their prices higher. This effect is compounded by the ongoing geopolitical uncertainty in the Middle East. 

VIA