Apple CEO warns price rises 'unavoidable' amid AI boom

Apple CEO warns price rises'unavoidable' amid AI boom The prices of Apple products will have to increase due to the new demand for memory chips from the artificial intelligence boom, outgoing Apple CEO Tim Cook has told The Wall Street Journal. "Unfortunately, price increases are unavoidable," he told the newspaper on Wednesday, adding that his company has been "trying to shield customers from the increases" but that it had become "unsustainable." It is also unclear, for instance, how much the price of Apple's iPhone 18, which is expected to launch in September, will be affected. "There's less supply at a time when consumers want devices and the memory guys are passing along huge price increases," Cook said. Citing an estimate from research firm TechInsights, the Journal reported that Apple would need to increase the price of its iPhone Pro model by $270 to maintain its current profit margin .