Apple CEO Tim Cook says AI boom makes price increases ‘unavoidable’

Outgoing Apple CEO Tim Cook warned that demand for memory chips from the artificial intelligence boom will force the tech giant to increase the prices of its products, according to an interview with the Wall Street Journal published Wednesday.

“Unfortunately, price increases are unavoidable,” he told the newspaper, adding that his company has been “trying to shield customers from the increases” but that it had become “unsustainable.”

He did not specify the timing of the increases, how much or which devices would be impacted.