Cook, who will hand over leadership of the company to John Ternos in September, did not reveal when prices would be raised or how much they would rise, nor which products might be affected.
Reports indicate that Apple is moving to launch its first foldable iPhone in September, along with the iPhone 18 Pro and Pro Max.
“Unfortunately, price hikes are inevitable,” Cook said. “We are doing our best to mitigate the huge increases in costs we incur, and we have tried to protect our customers from these increases, but the situation has become unsustainable.”
The surge in AI-driven demand from data centers has forced consumer electronics companies into fierce competition for dwindling supplies of key components, leading to a sharp rise in prices.
Groups representing automakers, retailers, electronics companies and others warned earlier this month that growing demand for memory chips could lead to significant price hikes for US consumers and disrupt supply chains.
