Apple plans to raise prices due to a surge in the costs of memory and storage chips, CEO Tim Cook told The Wall Street Journal (WSJ) in a report posted Wednesday. Cook declined to say when the planned price increases would take effect, how large they would be, or which products they would include, according to the report. “We’re doing our best to mitigate the huge increases that are being passed to us, and we’ve been trying to shield our customers from the increases, but the situation has become unsustainable,” Cook said, per the report. The prices for memory and storage chips have quadrupled over the past year, driven by artificial intelligence companies’ demand for the products, according to the report. In response to the rising costs, other smartphone makers have raised prices, as have companies that make PCs, game consoles and other devices that use the chips, the report said.

Full report : Apple boss Tim Cook says prices to rise due to AI companies driving up memory chip costs.