Apple boss Tim Cook says prices to rise due to memory chip costs

Apple will increase its product prices as the company can no longer absorb the rising costs of memory and storage chips. In an interview with the Wall Street Journal, CEO Tim Cook stated that price increases are unavoidable due to the ongoing memory chip shortage. This admission marks a shift in the company's approach to pricing, as the soaring expenses associated with these critical components have made previous pricing strategies unsustainable for the tech giant.