Google offers 'AI Mode' in 'total reimagining' of web search
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Perplexity AI offers $34.5 billion to buy Google's Chrome, WSJ reports
Perplexity AI has made a $34.5 billion cash offer to buy Chrome from Alphabet's Google, the Wall Street Journal reported on Tuesday, as U.S. regulators press a landmark antitrust case that may compel the search giant to sell the browser.
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AI startup Perplexity makes bold $34.5 billion bid for Google's Chrome browser
Perplexity AI said it has made a $34.5 billion unsolicited all-cash offer for Alphabet's Chrome browser, a low but bold bid that would need financing well above the startup's own valuation. Run by Aravind Srinivas, Perplexity is no stranger to headline-grabbing offers - it made a similar one for TikTok US in January, offering to merge with the popular short-video app to resolve U.S. concerns about TikTok's Chinese ownership. Buying Chrome would allow the startup to tap the browser's more than three billion users for an edge in the AI search race as regulatory pressure threatens Google's grip on the industry. Google did not immediately respond to a Reuters request for comment. The company has not offered Chrome for sale and plans to appeal a U.S. court ruling last year that found it held an unlawful monopoly in online search. The Justice Department has sought a Chrome divestiture as part of the case's remedies. Perplexity did not disclose on Tuesday how it plans to fund the offer. The three-year-old company has raised around $1 billion in funding so far from investors including Nvidia and Japan's SoftBank. It was last valued at $14 billion. Multiple funds have offered to finance the deal in full, a person familiar with the matter said, without naming the funds. As a new generation of users turns to chatbots such as ChatGPT and Perplexity for answers, web browsers are regaining prominence as vital gateways to search traffic and prized user data, making them central to Big Tech's AI ambitions. Perplexity already has an AI browser, Comet, that can perform certain tasks on a user's behalf and acquiring Chrome would give it the heft to better compete against bigger rivals such as OpenAI. The ChatGPT parent has also expressed interest in buying Chrome and is working on its own AI browser. Perplexity's bid pledges to keep the underlying browser code called Chromium open source, invest $3 billion over two years and make no changes to Chrome's default search engine, according to a term sheet seen by Reuters. The company said the offer, with no equity component, would preserve user choice and ease future competition concerns. Analysts have said Google would be unlikely to sell Chrome and would likely engage in a long legal fight to prevent that outcome, given it is crucial to the company's AI push as it rolls out features including AI-generated search summaries, known as Overviews, to help defend its search market share. A federal judge is expected to issue a ruling on remedies in the Google search antitrust case sometime this month. Perplexity's bid is also below the at least $50 billion value that rival search engine DuckDuckGo's CEO, Gabriel Weinberg, suggested Chrome may command if Google was forced to sell it.
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Trading platform eToro's stock slide eclipses profit beat
Stock and crypto trading platform eToro beat second-quarter profit estimates on Tuesday as retail investors piled into markets, but shares fell 8 per cent after executives said the April post-tariff trading spike has begun to normalize. Retail trading has been strong this year, buoyed by gains in U.S. equity markets and renewed interest in high-risk assets such as cryptocurrencies and tech stocks. In April, markets saw sharp swings after U.S. President Donald Trump announced new tariffs, yet analysts observed that individual investors were not deterred by the volatility and quickly sought opportunities to "buy the dip". However, "those numbers (elevated trading activity) normalized throughout July, as we moved from the spike in April," Chief Financial Officer Meron Shani told analysts in a post-earnings call with analysts. Net contribution, which deducts the cost of revenue from cryptoassets and margin interest expense, jumped 26 per cent to $210 million from the year-ago quarter. New-age fintech platforms have taken market share from established Wall Street firms by luring younger, tech-savvy investors. eToro's assets under administration (AUA) grew 54 per cent to $17.5 billion in the quarter. "During the quarter, eToro continued to develop its offering, launching key products," analysts at Jefferies said in a note, adding that growth in AUA was driven by market gains in equities and crypto, alongside strong customer inflows. The company went public in May in a bumper U.S. initial public offering, with its shares surging on debut after pricing above the marketed range.
