Apple (AAPL) CEO warns of unprecedented chip price increases

AI Summary

Apple (AAPL) CEO Tim Cook warned of significant price increases due to surging costs for memory and storage chips, which have quadrupled since last year. He described the situation as a 'hundred-year flood,' highlighting that it has become unsustainable for Apple to absorb these costs. While Cook did not provide specific details on when or how large the price hikes will be, he indicated that they are unavoidable. Estimates suggest that if Apple passes on the higher costs, the next iPhone Pro model could be around $270 more expensive, impacting consumers and potentially the broader tech market.