Over the weekend, Amazon significantly increased the prices of its hardware devices, with some models jumping by as much as 60%, including its Echo Dot. Price-tracking sites show a stark increase from $49.99 to $79.99.

The price hike is attributed to the global memory shortage, exacerbated by the AI boom. Other tech giants like Apple have also seen their prices rise, though Apple has introduced a leasing program to alleviate some financial strain on buyers.

Amazon states that it will continue to offer occasional promotions over the next year but warns consumers that purchasing hardware is currently an expensive proposition due to rising component costs. The memory shortage is expected to persist until 2028 before stabilizing, making tech purchases a costly affair in the meantime.