Tim Cook Reports Record Apple Revenue Before Warning of Chip Shortage

Apple reported record revenue of $143.8 billion for the first quarter of 2026 after a 38 percent sales surge in China and strong demand for the iPhone 17.Tim Cook warned that a worsening global memory chip shortage and price hikes from suppliers will pressure profit margins as the company enters a supply chase mode.The technology giant also confirmed the $2 billion acquisition of Q.ai and a strategic partnership with Google to integrate Gemini artificial intelligence into future updates.