Apple plans to hike prices across most if not all of its devices as the tech giant struggles to absorb the soaring costs of critical components.In a dramatic reveal, Apple CEO Tim Cook took the unusual step of warning consumers that the tech giant can no longer protect wallets from escalating costs.Speaking in an exclusive interview with The Wall Street Journal, Cook confirmed that price surges across the tech sector have forced his hand.‘Unfortunately, price increases are unavoidable,’ Cook said as the firm gears up for its next wave of product rollouts.The Apple boss explained that the global supply chain has triggered a severe financial squeeze behind the scenes, leaving them with no choice.‘We’re doing our best to mitigate the huge increases that are being passed to us, and we’ve been trying to shield our customers from the increases, but the situation has become unsustainable,’ he said.While the exact timeline for the price shock remains under wraps, Cook declined to offer specific details on when or how hard the increases will hit individual products.Instead, he pointed directly to the root of the crisis, stating, ‘There’s less supply at a time when consumers want devices and the memory guys are passing along huge price increases.’ ‘Unfortunately, price increases are unavoidable,’ said Apple CEO Tim Cook Research firm TechInsights estimates that passing these higher component costs directly onto shoppers would add a bruising $270 to the price of the next iPhone Pro model The executive made it clear that the current market condition is heavily weighted against consumer electronics, adding, ‘We definitely need memory pricing and supply to return to reasonable levels for consumer products. That’s the bottom line.’Experts warn that the financial pain could hit shoppers much sooner than expected, particularly for those looking to buy new Macs and iPads.Apple has already shown a willingness to quietly adjust prices, having raised the starting price of the Mac Mini last month outside of its usual glittering launch events.Industry insiders note that the price hikes are being aggressively driven by a global shortage of essential memory and storage chips.Memory components in particular have become a battleground as artificial intelligence companies gobble up supply for massive server farms, creating an intense bidding war.Since last year, tech titans including Google, Microsoft, Meta, and Amazon have vastly ramped up their capital spending, sending chip prices through the roof.As a direct result of this AI spending spree, the prices for both memory and storage chips have shockingly quadrupled.The crisis involves both DRAM memory, which runs active apps, and NAND storage, which acts as the digital filing cabinet for a phone's photos and videos. Apple has already shown a willingness to quietly adjust prices, having raised the starting price of the Mac Mini last month outside of its usual glittering launch events Apple said its hardware chief John Ternus will take over as CEO from Tim Cook from September 1, while Cook moves into the role of executive chairmanFaced with these surging bills, Apple must raise retail prices substantially if it wants to protect its traditionally high profit margins.Research firm TechInsights estimates that passing these higher component costs directly onto shoppers would add a bruising $270 to the price of the next iPhone Pro model.To make matters worse for consumers, analysts predict that chip prices will continue their relentless upward trajectory well into 2027.The shortage has become so acute that supply for consumer tech is estimated to fall up to 15 percent short of demand, according to forecasts by Morgan Stanley.Amidst the chaos, rumors are swirling that Apple is using this crisis to radically overhaul its retail strategy for its highly anticipated next-generation device.The upcoming iPhone 18 lineup, widely expected to drop in September, is slated to feature Apple's first-ever folding phone device.Leaked reports suggest the luxury folding handset, rumored to be called the iPhone Ultra, will carry a jaw-dropping price tag of $1,999.By isolating this ultra-premium, high-margin folding phone at the absolute top of its portfolio, Apple hopes to attract affluent buyers while keeping standard Pro models at their current pricing.When questioned about whether national security rules should be loosened to allow chip supply from China to ease the pressure, Cook refused to rule anything out.‘I think everything needs to be on the table,’ the Apple chief executive noted, concluding, ‘I think we should look at all supply.’