Apple is signaling a rare shift in its deal-making playbook. On the Q3 2025 earnings call, Tim Cook said the company is “open to M&A that accelerates our roadmap,” naming artificial intelligence as the top priority. Seven AI-focused firms have joined Apple this year, but Cook made clear he is ready to spend far more if the right technology helps launch a truly conversational Siri sooner.
Apple usually buys small teams and folds them quietly into existing groups, however, competitive pressure is rising. Microsoft’s multibillion-dollar OpenAI partnership let Windows and Office ship Copilot in record time, while Google has integrated Gemini across Search and Workspace. Analysts now estimate that Apple trails those rivals by at least a year in deploying a full-scale large-language model. Cook’s comments hint that the company will break its “small and hidden” rule rather than risk Siri’s relevance.
The cash to back that strategy is already on hand. Apple ended the June quarter with $133 billion in cash. Gross margin climbed to 46.5% and Services revenue reached a record $27.42 billion. Insiders say the board has endorsed larger cheques if a target aligns with Apple Silicon and on-device privacy standards.
Industry chatter points to three areas Apple may chase: conversational search engines that reduce dependence on Google results, low-latency voice models that make Siri more fluid, and edge-optimized generative models that run entirely on the A-series chip. Reports have already linked Apple to informal talks with Perplexity AI and to exploratory meetings with Anthropic and OpenAI, though no agreement has surfaced. By publicly stating a willingness to act, Apple is inviting founders to bring premium assets to the negotiating table.
Cook noted that Apple acquires a company “every several weeks” on average. Most purchases appear only in patent-assignment filings or small press releases, so investors should watch those channels for clues. A transformative acquisition would likely arrive via a simple newsroom post to avoid overshadowing the fall iPhone launch.
