Apple is preparing to increase prices across its product range in response to escalating costs for memory and storage components, according to CEO Tim Cook in a recent Wall Street Journal interview. Cook expressed that these price hikes are, regrettably, a necessity. “We’ve been striving to absorb these substantial cost increases ourselves, aiming to protect our customers from the full impact,” Cook explained. “However, the current situation is no longer sustainable.”
While Cook refrained from disclosing specific details concerning the timing, extent, or which products might see price adjustments, the Wall Street Journal offered some insights. They predicted that the forthcoming iPhone 18 Pro could be priced at $1,299, marking a $200 increase over the iPhone 17 Pro.
The anticipated release is scheduled for September, with expectations high for the introduction of a new, sleeker, foldable iPhone model.
However, the Wall Street Journal estimated the price of the upcoming iPhone 18 Pro to be $1,299. If true, it would be $200 more compared to the iPhone 17 Pro.
The launch is expected to come in September and include a new, thinner, foldable iPhone.
Apple’s last big drop in September 2025 priced the iPhone 17 Pro at $100 more than previous models, costing $1,099.
Why are prices rising?
Since last year, when Google, Microsoft, Meta, and Amazon began announcing big increases in their capital spending budgets, the prices for memory and storage chips have quadrupled.
These chips, which have traditionally been key components of most computing devices, are now also required to run AI servers.
The surge in demand for AI tools has caused a shortage of memory and storage chips. As chip prices skyrocket, Apple is forced to charge substantially more to maintain profit margins, according to the WSJ.
“There’s less supply at a time when consumers want devices and the memory guys are passing along huge price increases,” Cook told the Wall Street Journal. “We definitely need memory pricing and supply to return to reasonable levels for consumer products. That’s the bottom line.”