Apple CEO Tim Cook said product prices will increase to offset rising costs of memory and storage chips. “Unfortunately, price increases are unavoidable,” Cook said, adding that while Apple has tried to mitigate the price increases, “the situation has become unsustainable.” The 65-year-old billionaire did not specify when the increases would take effect or which devices would be affected. Analysts expect upcoming products, including the next iPhone 18 lineup, to see prices rise to $270 to maintain profit margins. The price pressure stems from a global shortage of DRAM memory and NAND storage chips, which are essential components in smartphones, computers, and other electronics. Demand from artificial intelligence companies has soared in recent months, driving chip prices higher as tech giants race to build AI infrastructure. Calling the situation a “hundred-year flood,” Cook said he has never seen a commodity market swing so dramatically during his 40 years in the technology industry.
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