Qualcomm is about to raise prices and that’s bad news for everyone

Qualcomm sent a letter to customers on Friday warning of plans to increase its prices by "a percentage in the double digits," Bloomberg reports. The price hikes will go into effect starting with products shipped after September 1st.

Qualcomm claims it has "exhausted its ability to absorb higher costs from suppliers," as ongoing component shortages continue to drive up prices. The company also said it attempted to source components from alternate suppliers prior to announcing the price hikes.