Apple Prepares Price Hike for iPhone 17 Series Amid Storage Chip Crisis

Apple may raise prices for its iPhone 17 series as early as August 10, according to Zhitong Finance APP. This would be a departure from Apple's usual practice of not adjusting prices before launching new models. The price hike is attributed to the soaring cost of storage chips, which has led to increased costs in the consumer electronics sector.

Apple CEO Tim Cook has warned about an industry crisis caused by the surge in storage chip prices, describing it as a 'once-in-a-century flood.' This has resulted in higher prices for key components such as DRAM and NAND flash. Apple has already raised prices across several product lines, including iPad, Mac, Apple TV, Apple Vision Pro, and HomePod.

The price increase may affect all iPhone 17 models, including the standard and Pro versions. The market is also anticipating a potential price hike for the upcoming iPhone 18 series, which could reach $200 higher than previous prices. Apple's production plans have been altered due to the rising costs, and the company may attempt to control the rate of price increases by reducing gross margins.

The traditional buying cycle for iPhones has been disrupted, with consumers typically holding off on purchases until September when new models are released. However, if Apple adjusts prices on August 10, it could impact consumer purchasing decisions. Mark Gurman, a well-known Apple 'leaker,' has stated that Apple is likely to hold its fall event on September 9.