Apple shares hit 14-month low after price hikes
Apple announced a price increase for Macs and iPads to compensate for rising costs of memory and storage components due to high demand for artificial intelligence technologies. This led to a decline in its shares by over 6%, the worst performance in 14 months. The changes included price hikes of between $200 and $300 for some models. The company explained that the price increases reflect unprecedented challenges in the electronics industry caused by the AI boom. Apple expects to continue raising prices in the future as component costs rise.
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