Apple Falls 7% as Cook Warns of Memory Chip ‘100-Year Flood’
Apple stock slid 7.35% Friday after CEO Tim Cook called soaring memory chip prices a ‘100-year flood.’ Nvidia reclaimed the most-valuable-company crown.
memory chip shortage
Tim Cook: Apple Price Hikes ‘Unavoidable’ as Memory Costs Surge
Tim Cook told the WSJ that Apple price increases are ‘unavoidable’ after AI-driven memory chip costs hit a ‘hundred-year flood.’ AAPL fell 1.1% to $295.95.