Apple’s CEO has stated that the company intends to boost product prices due to the rising cost of memory chips. Tim Cook, Apple’s outgoing CEO, told the Wall Street Journal (WSJ) that price rises were “unavoidable” since the situation with memory chips had become “unsustainable”.
He did not specify when the prices would rise or which products would be affected. It’s also unclear whether the price increases will effect the iPhone 18, which is set to be released in September.
Memory chips are crucial components in smart gadgets like mobile phones, but the surge in artificial intelligence (AI) has increased their pricing in recent months.Cook told the WSJ, “We’re doing our best to mitigate the huge increases that are being passed on to us. We’ve been trying to shield our customers from the increases, but the situation has become unsustainable.
There’s less supply at a time when consumers want devices and the memory guys are passing on huge price increases,” said Cook, who will be replaced by John Ternus as Apple’s CEO in September after 15 years.We absolutely require memory pricing and supply to recover to normal levels for consumer products.
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