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.

Apple is facing rising silicon costs as the world rushes towards AI. That’s going to force price rises across the board, including the upcoming iPhone 18 Pro.

Apple plans to raise prices on iPhones, MacBooks, and other devices as CEO Tim Cook warns of surging memory chip costs driven by AI infrastructure demand.