SanDisk Corporation (NASDAQ: SNDK) stock surges as Apple CEO Tim Cook confirms a severe memory shortage, validating pricing power for chipmakers.

Tim Cook, who will hand over the reins to John Ternus in September, did not disclose when or how much prices might rise, nor which products could be impacted.

June 17 : Apple plans to raise prices on its products to offset increasing memory and storage chip costs, CEO Tim Cook told the Wall Street Journal in an interview.A surge in…