According to CNBC, Qualcomm will increase the prices of its chips starting September 1 as rising memory and production costs continue to affect the semiconductor industry.
The company reported USD 9.95 billion in revenue for its latest quarter but gave a weaker profit forecast for the months ahead because of higher supply costs.
Qualcomm CEO Cristiano Amon said the company is paying more for materials such as memory. Therefore, chip prices will also increase.
The company expects the higher chip prices to help offset rising costs while it continues to expand its automotive and AI businesses.
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