Apple’s stock sank Thursday after the company raised prices across its flagship products to offset soaring costs caused by the AI-fueled global memory chip shortage.

“The memory guys are passing along huge price increases,” CEO Tim Cook said, arguing Apple could no longer protect consumers, as it hiked prices of some devices by more than $200.

The “memory armageddon has arrived,” The Wall Street Journal wrote. The announcement came a day after US chipmaker Micron posted blowout earnings, but the windfall is “bad news for most of us,” a Bloomberg columnist argued: Soaring chip prices could also stoke inflation, forcing the US Federal Reserve to raise interest rates and making it harder for Americans to buy homes.