AI startup Perplexity said it made a formal offer to acquire Google’s Chrome browser for $34.5 billion, in anticipation of requirements that may be imposed on the search giant in antitrust proceedings.

The AI startup has reportedly put in a $34.5 billion bid to buy Chrome as a key antitrust ruling looms. But analysts say the price looks low and Google is unlikely to be selling.

The AI search startup looks less like an acquirer and more like a company to be acquired, but its CEO understands that optics matter.