Apple stock tumbles 5% as MacBook, iPad price hikes wipe $275 billion from market cap
Apple shares shed more than 5% Thursday after the company announced sweeping price increases on its MacBook and iPad product lines, citing an unprecedented shortage of memory and storage chips driven by the artificial intelligence boom.
TL;DR
- Apple's stock fell by more than 5% on Thursday.
- The company announced significant price increases for MacBooks and iPads.
- The price hikes are due to an unprecedented shortage of memory and storage chips.
- The shortage is driven by the artificial intelligence boom.