证券时报·2025-08-13 15:10Core Viewpoint - The article discusses a surprising acquisition offer from AI search startup Perplexity to Google’s parent company Alphabet, proposing a $34.5 billion all-cash deal for Google's Chrome browser, which is nearly double Perplexity's own valuation of $18 billion. This move is seen as a "snake swallowing an elephant" scenario and raises questions about its feasibility and intentions, especially in the context of ongoing antitrust scrutiny against Google [1][3][4]. Group 1: Acquisition Proposal - Perplexity, an AI-driven search engine startup, has made a $34.5 billion acquisition offer for Google's Chrome browser, which is significantly higher than its own valuation of $18 billion [1][5]. - The proposal comes at a critical time as the U.S. Department of Justice is pursuing antitrust actions against Google, which may lead to forced divestitures of its assets, including Chrome [3][4]. - Perplexity's offer includes commitments to maintain the open-source nature of Chrome's core code and to keep Google as the default search engine, aiming to alleviate competition concerns [4][5]. Group 2: Market Context and Implications - The antitrust ruling against Google highlighted its monopolistic practices, including exclusive agreements that prevent users from accessing other search services, which could lead to a forced sale of Chrome [3][4]. - Perplexity's valuation has surged to $18 billion since its inception in 2022, and the proposed acquisition is seen as a strategic move to position itself in the competitive AI and browser market [3][5]. - The potential acquisition could provide Perplexity access to over 3 billion users of Chrome, significantly enhancing its user base without starting from scratch [5][6]. Group 3: Challenges and Competitors - Google has not shown willingness to sell Chrome, as it is integral to its search and advertising business, providing essential data for revenue generation [8][9]. - There are concerns regarding the feasibility of the acquisition, including valuation disputes and the complexity of integrating Chrome's technology and user data security [8][9]. - Other competitors, such as OpenAI and Apollo Global Management, have also expressed interest in acquiring Chrome, indicating that if a sale is mandated, a bidding war could ensue [9][10].