STORY: Apple plans to raise prices for its products as a shortage of memory chips bites.That’s according to Chief Executive Tim Cook in an interview with the Wall Street Journal published Wednesday.A surge in AI-driven demand has left consumer electronics companies battling to secure supplies of key components, with chip prices soaring as a result.Cook says Apple has done its best to avoid passing on the rising costs to consumers.But he told the Journal that price hikes were now unavoidable.He didn’t say exactly when the increases would come, or how big they would be.Cook identified memory chips as a key issue, saying suppliers were passing on “huge” price increases.He said Apple was ready to invest in steps to boost supply, but wouldn’t build its own memory chip factories.Cook is due to hand over the reins to John Ternus in September.The change in leadership will come as Apple launches key products.It’s widely expected to debut its first folding handset that month, alongside new versions of the regular iPhone.