Snap rockets 18% higher on $400 million deal with Perplexity AI

Snap stock surged 18% on Thursday on news of a major AI deal. The social media app revealed a $400 million deal with Perplexity AI. Under the agreement, the AI startup will integrate features into Snapchat's platform. The move: Snap stock surged 18% on Thursday. The Snapchat parent has struggled in 2025, with shares down 21% year-to-date. Why: Alongside its release of third-quarter earnings, Snap announced on Wednesday evening that it has inked a $400 million deal with AI startup Perplexity AI. Unde ...