Apple has long stayed away from splashy, high-stakes acquisitions, especially in artificial intelligence. But CEO Tim Cook just signaled that the company may be ready to shift gears, if the right technology is on the table.
During Apple’s Q3 2025 earnings call, Cook responded to a question from Citi analyst Atif Malik about whether Apple needed to speed up its AI plans, possibly through major acquisitions. His reply was clear: size doesn’t matter. What matters is whether the acquisition aligns with Apple’s roadmap.
“We’re very open to M&A that accelerates our roadmap,” Cook said. “We’re not stuck on a certain size company. We basically ask ourselves whether a company can help us accelerate a roadmap. If they do, then we are interested.”
A Potential Shift in Strategy
This isn’t the usual playbook for Apple. Historically, the company has preferred smaller, targeted buys that strengthen its existing platforms rather than overhaul them. But in 2025 alone, Apple has acquired seven companies, according to Cook. Not all were AI-related, but the activity suggests the company is actively searching for ways to shore up its technological gaps.
The timing of Cook’s comments is notable. In June, Bloomberg reported that Apple had internal discussions about acquiring Perplexity, an AI search startup recently valued at over $18 billion after closing a $1 billion funding round. That kind of deal would be Apple’s largest ever. It would surpass its $3 billion purchase of Beats in 2014.
A buyout of Perplexity wouldn’t just be big. It would redefine Apple’s acquisition strategy. It would also serve as a direct response to competitors like Microsoft and Google, who have aggressively expanded their AI footprints.
Analysts Are Divided
Not everyone agrees that a big AI acquisition is the right move. A recent Morgan Stanley report called the idea of Apple buying an AI search startup “misguided,” arguing that Apple’s strength lies in integration, not in replicating what others are doing.
But Cook’s response on the earnings call opens the door. It shows that Apple is no longer dismissing large-scale deals as out of character. If the right opportunity presents itself, the company might be willing to act, even if it means writing a much bigger check than usual.
While Cook didn’t confirm any deal in progress, his remarks provide clarity. Apple’s priority is moving fast in AI, and if acquiring a massive company gets it there, Apple is ready to move.
