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.

As Bloomberg notes, Qualcomm’s price increases will likely have a ripple effect, particularly for smartphones. Qualcomm’s chips power everything from Samsung’s new foldables to upcoming smartglasses. Earlier this year, Qualcomm even promised one of its new chip platforms would deliver $300 Windows PCs. Those devices could get pricier if device manufacturers pass the brunt of Qualcomm’s price hikes onto their customers.

Qualcomm’s far from the only company bumping up its prices. Seemingly everything is getting more expensive as a result of component shortages, including Xbox consoles, Raspberry Pi boards, most Apple devices, and Samsung and Google’s smartphones. Some devices are even getting downgraded specs alongside higher prices, while other devices are getting canceled or delayed.

Qualcomm did not immediately respond to a request for comment.