Apple Inc.’s stock has had a rough go of it during the first half of the year. President Trump’s tariffs caused have weighed on the company, as investors continue to gauge what the full cost to its business will be.

The publication cited sources as saying that the talks are in an early stage and may not lead to an acquisition. Perplexity reportedly received a $14 billion valuation in a recent funding round. To be accepted, any takeout offer made by Apple would likely have to be higher.

In our opinion, any such deal … would likely be positive for shares that are currently in the penalty box given Apple is largely viewed as an AI laggard,” wrote the BofA an