Nothing's co-founder Akis Evangelidis has announced that the company won't be releasing a successor to the CMF Phone 2 Pro this year, citing exorbitant RAM prices. In a statement on X, he said, 'We were working on a successor but with memory prices where they are right now, we can’t build a phone that feels like a genuine step forward at a price that makes sense for CMF.'

Last week, Nothing CEO Carl Pei also highlighted the impact of RAM shortages on their mid-range Phone 4A, noting that 'memory costs doubled between when we decided to build the device and when it launched. They’ve doubled again since.' Pei further stated that 'memory is now the most expensive component in a smartphone.'

While there won’t be a new CMF phone this year, Evangelidis reassures fans with news of several upcoming products and new categories. He writes, 'The smartphone launch season at Nothing isn’t over yet.'

This isn't the only company struggling; Tim Cook recently announced that Apple will also face price hikes due to unsustainable memory costs.