New Delhi. If you are planning to buy a new iPhone then you may have to spend more time in your pocket. The reason for this is that Apple is going to increase the prices of its products soon. The company’s CEO Tim Cook himself has given this information. In an interview given to the Wall Street Journal, Tim Cook revealed the compulsions due to which the company will have to increase the rates.

Due to the increasing demand for Artificial Intelligence (AI) based data centers, there has been a huge surge in the demand for memory chips. Due to this, the supply of these components to consumer electronics companies has become limited and the prices of chips have increased. For this reason Apple has to increase the prices. Tim Cook said, “Unfortunately, the price increase can no longer be avoided. We were doing our best to reduce the cost increase, but now the situation has got out of control.”

When will Apple increase the rates?

Tim Cook definitely talked about the rate increase but did not clarify how much the prices would increase and which models would be most affected by it. According to Tim Cook, the Dynamic Random Access Memory (DRAM) market in particular is under the most pressure at the moment, causing its cost to skyrocket. There is a competition among electronics companies to buy these components, due to which the supply chain from automobile to smartphone industry is being affected.

Apple will not set up its own factories

Tim Cook made it clear that Apple will not set up its own memory or storage chip factories. Cook did indicate that Apple is ready to use its cash reserves to increase the supply of chips and strengthen production capacity. When Tim Cook was asked whether Apple would take help from China’s domestic memory companies to deal with this crisis, he said that despite national security regulations and restrictions, they are ready to consider all possible supply sources.

Apple will launch foldable iPhone in September

Apple may launch its first foldable iPhone in September this year. Along with this, iPhone 18 Pro and iPhone 18 Pro Max are also likely to be introduced. Now it remains to be seen how much effect the new chip prices have on the launch price of these upcoming iPhones.