Devastating supply crunch forces Apple to raise prices on iPhones and other devices, calling the move 'unavoidable'

AI Summary

Apple CEO Tim Cook announced that the company must raise prices on its products due to escalating memory chip costs driven by the artificial intelligence boom. As tech companies redirect semiconductor supplies toward AI infrastructure, component costs for consumer electronics have surged beyond levels Apple can absorb. Cook described the situation as unsustainable, indicating the company had previously shielded customers from cost increases but can no longer do so.