Tesla and SpaceX CEO Elon Musk has echoed Apple CEO Tim Cook’s concerns about the growing global shortage of memory chips, warning that the surge in demand driven by artificial intelligence is placing unprecedented pressure on the semiconductor industry.

The comments come as technology companies race to expand AI capabilities, dramatically increasing the need for high-performance memory chips used in data centres, AI servers and advanced computing systems. Industry leaders say the imbalance between supply and demand has led to sharp price increases and growing concerns over future chip availability.

Cook recently described the current shortage as a once-in-a-century event, noting that Apple has been forced to adjust pricing on some of its products as component costs continue to climb.

Reacting to Cook’s assessment, Musk agreed with the Apple chief’s concerns, saying:

“The biggest price jump in anything I’ve ever seen.”

He also stressed that the shortage is becoming a major constraint for AI development, arguing that future progress in artificial intelligence may depend more on the availability of memory chips than on computing processors themselves.

According to Musk, expanding global memory production has become increasingly urgent as demand from AI companies continues to outpace manufacturing capacity. He noted that chip shortages could slow the deployment of next-generation AI systems if production does not increase significantly.

The growing demand has already affected several technology companies, with rising component costs contributing to higher prices for consumer electronics and enterprise hardware. Analysts believe the pressure on memory supplies is likely to continue until manufacturers significantly expand production capacity to meet the rapidly growing needs of the AI industry.