iPhone prices set to rise as Apple cites chip shortage crisis

Apple CEO Tim Cook has acknowledged that the company will raise prices across its product lineup, citing a severe global memory chip shortage he compared to a once-in-a-generation event. In an interview with The Wall Street Journal, Cook stated that price increases are "unavoidable" and that the situation has "become unsustainable."

The shortage stems from intense competition for memory and storage chips driven by the AI boom. Major technology companies are investing billions in data centre infrastructure, consuming vast quantities of chips and leaving consumer electronics manufacturers scrambling for supplies. Cook said he had never encountered such a crisis in his 40-year career.