Josh Brown, CEO of Ritholtz Wealth Management, has projected that the shares of Apple Inc. AAPL could hit an all-time high if the tech behemoth goes ahead with its plans to acquire Perplexity AI.
Perplexity AI Acquisition Could Spark Stock Surge
Brown, in an interview with CNBC‘s "Halftime Report" on Tuesday, expressed his belief that a potential deal between Apple and Perplexity AI could be a significant turning point for Apple, which has been grappling with its position in the artificial intelligence (AI) sector. “If they do it, you get a new all-time high in Apple the day they announce it,” Brown said.
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His remarks followed a report from The Information, indicating that Apple’s top brass is considering the acquisition of the AI startup. Brown added that every Apple investor that wants it to “remain a relevant company for the next 10 years into the AI generation,” would want the iPhone maker to do this deal.
Brown opined that a partnership with Perplexity AI could rekindle the interest of investors who have been waiting for a major AI breakthrough from Apple, particularly after the company’s first AI product failed to impress. Brown also hinted at the possibility of Perplexity AI’s CEO, Aravind Srinivas, succeeding Apple’s current CEO, Tim Cook.
Although Brown has made predictions, he doubts Apple will proceed with the deal, pointing out that large acquisitions are not typical for the company. Still, he believes it would be a game-changer for the company if it happens.
Apple Faces Pressure To Make Bold AI Move Amid Scrutiny
Apple’s AI strategy has been under scrutiny recently. The company is reportedly considering using Google’s GOOG GOOGL Gemini AI models to revamp Siri. This move comes after Apple’s initial AI product failed to impress the market.
Industry experts have been urging Apple to make a move in the AI space, with Wedbush’s Dan Ives suggesting that an acquisition of Perplexity AI is a “no-brainer.”
However, the history of mega deals with large acquisitions has been less than stellar. AT&T‘s T experiment with Time Warner is one such example, which Microsoft MSFT and Nokia being the other. Despite this, the pressure is on for Apple to make a significant move in the AI space.
On a year-to-date basis, Apple stock declined 5.48%. Benzinga Edge Stock Rankings shows that Apple has a strong price trend over the long, short and medium term. Click here to see how it compares to other leading tech companies.
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