New Delhi, June 18 -- Apple is preparing to raise prices across its product lineup as a global shortage of memory and storage chips, driven by explosive artificial intelligence demand, pushes manufacturing costs to unsustainable levels.

Apple Confirms Price Pressure Amid AI-Driven Chip Shortage

Apple CEO Tim Cook has confirmed that rising costs for memory chips are forcing the company toward price increases across devices, including iPhones, iPads, and Mac computers. According to Cook, Apple has been absorbing supplier cost increases for some time, but the pressure has now reached a breaking point.

"Price increases are unavoidable," Cook said in an interview with the Wall Street Journal, noting that the company has been trying to shiel...