Quick ReadMemory's share of the iPhone Pro's bill of materials surged from 10% to 34% in one year, forcing Apple to raise iPhone prices up to $300. Micron surged 202% year to date with 346% revenue growth, while Qualcomm's handset revenue fell 20% as memory costs crush smartphone volumes. Contract memory prices have risen five to sevenfold since the start of 2025. Every meaningful Apple product contains memory, and iPhone alone generated $54.25 billion in the June quarter, part of $109.42 billion in total revenue. Cook flagged the pressure on the March-quarter call: "For the June quarter, we expect significantly higher memory costs... beyond the June quarter, we believe memory costs will drive an increasing impact on our business."