Apple looked at Mira Murati’s AI startup after OpenAI exit, and it won’t stop there

Apple reportedly explored a potential acquisition of Thinking Machines Lab, the AI startup founded by former OpenAI CTO Mira Murati, which recently secured a record $2 billion seed round at a $10 billion valuation. While Apple is also evaluating Perplexity, discussions with Murati's firm, focused on democratizing AI systems, did not progress to an advanced stage, signaling Apple's active but cautious strategic exploration of AI M&A targets.

Analysis

Apple (AAPL) is actively exploring strategic options to bolster its AI capabilities, as evidenced by reported discussions with Thinking Machines Lab, a nascent startup founded by former OpenAI CTO Mira Murati. The fact that these talks occurred, in addition to ongoing evaluations of Perplexity, signals a proactive and wide-ranging M&A search within the AI sector. The target itself, Thinking Machines Lab, highlights the current AI investment landscape, having secured a record $2 billion seed round at a US$10 billion valuation without a commercial product, underscoring the high premium placed on top-tier talent. However, the report that conversations with Murati's firm "never progressed to an advanced stage" suggests a disciplined, rather than desperate, approach from Apple. This selectivity is further contextualized by the article's commentary on Perplexity's potential cultural and legal baggage, implying Apple is conducting rigorous due diligence on potential partners.

Key Decisions for Investors

• Investors should view this activity as a positive confirmation of Apple's strategic commitment to closing the AI gap, a critical factor for long-term growth, even if this specific deal did not materialize.
• The failure of talks to advance, coupled with concerns about other targets like Perplexity, indicates a disciplined M&A approach, suggesting Apple is unlikely to overpay or acquire a company with significant cultural or legal risks.
• Monitor for further news on smaller AI 'acqui-hires' or partnerships, as the prohibitive valuations in the private AI market, such as the $10 billion for a pre-product Thinking Machines Lab, may lead Apple to favor internal development and targeted talent acquisitions over a single transformative purchase.