Apple boss Tim Cook says prices to rise due to memory chip costs

Apple CEO Tim Cook announced that the company will raise product prices due to surging memory chip costs driven by the AI boom, calling the situation "unsustainable," though he did not specify which products or when increases would take effect. Memory chip prices have more than doubled since October 2025, and global smartphone prices are expected to rise by approximately 20% in 2026, with Apple's new phones potentially costing up to $150 more than the previous model. Other major tech companies including Samsung, Sony, and Nintendo have similarly raised prices in response to semiconductor supply chain pressures.