Apple Eyes Perplexity AI Acquisition While Facing Shareholder Lawsuit Over Exaggerated AI Progress: Report
Apple Inc. is considering acquiring Perplexity AI, with discussions led by M&A head Adrian Perica. However, no formal outreach has occurred. Concurrently, Apple faces a shareholder lawsuit alleging it misled investors about AI advancements, particularly regarding Siri, which has reportedly affected iPhone sales and stock value. Since December 2024, Apple's market value has dropped by nearly $900 billion, with shares down 17.57% this year and 3.13% over the past year.
Apple Inc. AAPL executives have held internal discussions about potentially acquiring Perplexity AI.
What Happened: Adrian Perica, Apple's head of M&A, floated the idea with senior leaders, including services chief Eddy Cue, reported Bloomberg, citing people familiar with the matter.
The talks are still in early stages and to date, no direct outreach to Perplexity has occurred, said the report.
Perplexity AI, responding to the publication, stated, "We have no knowledge of any current or future M&A discussions involving Perplexity."
Apple did not immediately respond to Benzinga's request for comments.
Why It's Important: On Friday, Apple was sued by shareholders who claim the company misled investors about how quickly advanced AI features — especially improvements to Siri — would be integrated, reported Reuters.
The complaint, filed in San Francisco federal court, accuses Apple executives, including CEO Tim Cook, of downplaying delays in AI development, which allegedly impacted iPhone sales and stock value.
Since peaking in December 2024, the company has seen a decline of nearly $900 billion in market value, the report noted.
Price Action: Apple shares have fallen 17.57% since the beginning of the year and are down 3.13% over the past 12 months, according to Benzinga Pro.
Benzinga's Edge Stock Rankings highlight a consistent downward trend for Apple across short, medium and long-term timeframes. Further performance details are available here.
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