Apple effectively confirmed that the memory shortage doesn't appear to be ending anytime soon.

Tim Apple has some bad news about the cost of future devices

Apple CEO Tim Cook this week said that price increases are "unavoidable" due to the ongoing RAM shortage, which has led to skyrocketing prices for memory chips. "We're doing our best to mitigate the huge increases that are being passed to us,

Shares of Apple (NASDAQ:AAPL | AAPL Price Prediction) are down 6% in midday trading on Thursday, sitting near $274 after closing the prior session at $293. The slide is Apple stock’s sharpest single-day move in months and stands out against its 38% one-year gain.

The CEO tells the Journal in an exclusive interview that soaring costs make price increases “unavoidable.”

As companies continue to push artificial intelligence and build data centers, the price of hardware continues to rise. This has directly impacted the cost of consumer products, like iPhones, which will receive an “unavoidable” price increase according to Apple CEO Tim Cook.

Tim Cook has spent more than four decades inside the global electronics supply chain. From IBM to Compaq to Apple, he has lived through shortages, cost spikes, shipping chaos and economic shocks. Robert Kiyosaki says this 1 asset will surge 400% in a year — and he begs investors not to miss its 'explosion'

Tim Cook has led Apple since 2011, guided it from a $350 billion company to one worth more than $3 trillion, and built one of the most profitable businesses in corporate history. He will step down as CEO on Sept.

Tim Cook has confirmed that price increases are coming to Apple devices. Here’s how that benefits rival brands, and how it doesn’t.