India, May 28 -- In what is being seen as a stinging blow to the gaming community, Valve has hiked the prices of its popular Steam Deck OLED models. In a move that highlights the deepening crisis in the global hardware market, the company announced in a statement on Wednesday that it is increasing the prices of the 512GB and 1TB versions of the handheld by over 40%. The premium 1TB model is now retailing for a staggering $949.

The sudden increase in the cost, which was confirmed on the Steam storefront, marks the company's departure from the previous, rather affordable, price tier.

The 512GB OLED model price increased from $549 to $789, while the 1TB unit has climbed from $649 to $949. For many consumers, the price of the 1TB Steam Deck...