According to the latest report from Economic Daily News, Apple has reversed course and accepted the increase in prices that will be applied next year.

The price of 8-inch chip wafers will go up by 6 percent, while the price of 12-inch wafers will go up by 3 to 5 percent. Economic Daily News reported that Apple wouldn't accept the price increase, but now says the company has agreed to pay.

The global chip shortage has caused TSMC's fabrication materials suppliers to raise prices. There is a wider price squeeze in the Semiconductor industry and component makers and material suppliers are following suit.

In May, it was reported that TSMC was in the process of raising prices. It was said to be the most substantial chip price rise in a decade. It was thought that Apple might have to raise device prices due to chip price increases.

The A-series chips produced by TSMC are used in the Apple products. Apple is expected to have 3nanometer chips by the end of the century. The M2 Pro chip for Macs may be Apple's first 3nm chip, while the A17 Bionic chip in next year's iPhones is expected to be a 3nm chip.

Apple's transition to 3nm chips will result in further improved performance and power efficiency in upcoming Macs and iPhones, as Apple seeks to preserve its performance-per- watt lead over competitors, even if that means paying higher prices and potentially passing on the cost to consumers.