Apple forecasts lower holiday-quarter gross margins as memory costs and Siri AI add pressure

Apple's inventory rose 154.3% year over year to $14.54 billion in its fiscal fourth quarter as it stockpiled components, particularly memory. CEO John Ternus expects memory costs to keep rising beyond December and says earlier device price increases will partly offset them. CFO Kevan Parekh says Siri AI will raise cloud costs and require Apple to recognize some device revenue over time.