Artificial intelligence is driving up the cost of the chips inside your iPhone. In an exclusive interview, Apple CEO Tim Cook warned that price increases are “unavoidable.” WSJ’s Rolfe Winkler breaks down how AI companies’ race for memory and storage has sent chip prices soaring, forcing Apple to choose between shrinking profits and charging customers more. Ryan Knutson hosts.

Further Listening:

- Tim Cook Built the Apple Empire. What’s Next for His Successor? 

- The Nvidia CEO’s Quest to Sell Chips in China 

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