Apple CEO Tim Cook said on Tuesday that the company plans to raise the prices of its products because the cost of the chips it uses has risen. Tim Cook, who is set to step down as Apple CEO, told the Wall Street Journal (WSJ) that the price hike is "inevitable." He did not say when the price hike would occur or which products would be affected.
It is also unclear whether the price hike will affect the iPhone 18, which is scheduled to launch in September, the international media reported. Memory chips are essential components of smart devices such as mobile phones, but the boom in artificial intelligence (AI) has caused their prices to rise in recent months.