Apple's CEO announced that the company plans to raise the prices of its products to cope with the sharp rise in the cost of memory chips and data storage devices.
In an interview with the Wall Street Journal, he said: "Unfortunately, price increases are unavoidable. We are doing our best to mitigate these massive price increases and protect our customers from them, but the situation has become unsustainable."
Cook told the newspaper that Apple is prepared to use its cash reserves to increase its supply of memory chips.
The Wall Street Journal noted that the company's CEO did not specify a precise timeline for the planned price increases, or which products would be affected, and that the company's next major product launch is likely to be in September, when it releases the iPhone 18 series.
The newspaper also explained that memory chips are essential components of most computing devices, including smartphones, laptops, game consoles, medical equipment, and even cars.
In recent years, the memory chip market has been experiencing a crisis due to increased demand for these chips from phone and computer manufacturers, and even car manufacturers. The demand for these chips has also increased significantly for use in servers used to process artificial intelligence data.
