Apple’s shares plunge after it hikes prices on iPads and laptops

Apple said AI-fueled demand for memory chips has sent prices soaring, a market dynamic that some call “RAMageddon.”

Apple shares fell sharply Thursday after the tech giant raised prices on a number of its signature products to make up for what it said were skyrocketing memory prices resulting from the AI boom.

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Apple closed the trading day down 6.12%, its worst one-day performance in more than a year. That wiped out about $265 billion of its market value, which remains above $4 trillion.

Apple had announced that prices for its MacBook Neo, MacBook Air, iMac and iPad product lines would all rise, in some cases by as much as $200. Apple didn’t raise the prices of the iPhone, the Apple Watch and AirPods.