As Tim Cook steps down, Apple hit record sales — but a chip shortage looms

Apple reported its best March quarter ever with $111.2 billion in revenue and record iPhone sales. However, outgoing CEO Tim Cook warned of significantly higher memory chip costs ahead due to 'RAMaggedon' — an AI-driven global RAM shortage that has quadrupled iPhone memory prices. This puts incoming CEO John Ternus, who takes over September 1, in a challenging position, with potential iPhone price increases on the horizon. Cook will transition to executive chairman.