Katherine Blunt, reporting for The Wall Street Journal (main link is a paywall-puncturing gift link; also on News+):

Artificial-intelligence startup Perplexity on Tuesday offered to purchase Google’s Chrome browser for $34.5 billion as it works to challenge the tech giant’s web-search dominance.

Perplexity’s offer is significantly more than its own valuation, which is estimated at $18 billion. The company told The Wall Street Journal that several investors including large venture-capital funds had agreed to back the transaction in full. Estimates of Chrome’s enterprise value vary widely but recent ones have ranged from $20 billion to $50 billion.

Perplexity apparently also told the Journal that the story was theirs exclusively, despite the fact that they also revealed the stunt offer to Bloomberg as well. Prefixing a headline with “Exclusive:” is irresistible catnip to business/investor-oriented publications. The Journal, at least, had the good sense to raise a skeptical eyebrow at the premise in its headline (“Perplexity Makes Longshot $34.5 Billion Offer for Chrome”¹). Bloomberg, not so much (“AI Startup Perplexity Makes $34.5 Billion Bid for Google’s Chrome Browser”).

The whole premise is ludicrous. Start with the fact that Perplexity is only valued at $18 billion. Add to that the fact that Perplexity is almost certainly overvalued at that price. I don’t know anyone who uses Perplexity, and Perplexity doesn’t develop or run their own LLMs.

But all of this stuff about Google possibly being forced (as a remedy in the US v. Google antitrust case they lost) to sell Chrome doesn’t consider that Chrome, on its own, divested from Google and thus disconnected from Chrome users’ Google accounts, is likely worth little to nothing. I wrote about this at length back in April. Chrome is tremendously valuable to Google. It has very little value on its own. Chrome generates no revenue on its own — it simply serves as an outlet for Google to show its own lucrative search ads without paying traffic acquisition fees to a browser owned by someone else (like, say, Apple or Mozilla or Samsung). Chromium is open source. Microsoft Edge is forked from it. Brave is forked from it. Opera (remember them?) forked from it over a decade ago. Perplexity (or any actually credible would-be buyer of Chrome) could just start their own fork.

There are two things Chrome has that other Chromium browsers don’t: billions of users, and integration with Google account services. Chrome has those billions of users because of the Google account integration. Severed from Google, Chrome users would lose those essential features — possibly including Google Search — and they’d likely begin switching away in droves.

I wrote just last week that Perplexity looks like a scam. Someone is spreading rumors that Apple is sniffing around at buying them, despite the fact that the two companies are an absurdly bad cultural match. I think what’s happening is that the LLM chatbot field is maturing (exemplified by OpenAI’s launch of ChatGPT 5 last week), and Perplexity CEO Aravind Srinivas is getting increasingly desperate. Desperate moves to seek an edge in product, and desperate moves to seek publicity that Perplexity’s product can’t garner on its meager merits.