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.

A nearly 3-year-old AI startup has reportedly caught the attention of two of the largest and most influential tech companies, underscoring the fierce competition for AI talent and push to become leaders in what some believe will be the next major evolution of the internet.

Top decision makers have mulled over a Perplexity acquisition, insiders say. It would be the biggest buyout in Apple history.