Hey everyone, it’s Mark. Apple will need to make the biggest acquisition in its history to put an end to its artificial intelligence debacle. Also: Meta rolls out new Oakley smart glasses; Honor prepares a new ultrathin foldable phone; and Apple’s annual back-to-school deal gets underway.

Last week in Power On: Apple’s upgrades to CarPlay, the iPad and Vision Pro outshine its new Liquid Glass interface.

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The Starters

Apple AI head John Giannandrea and acquisitions chief Adrian Perica (center) having a conversation before WWDC. Image Credit: Ryan Isaacs

Among the giants of Silicon Valley, Apple Inc. has long had an unusual acquisition strategy. The company’s biggest-ever purchase was Beats in 2014 — for $3 billion — and Apple has only made three transactions totaling $1 billion or more in its entire history.

Rather than acquiring large, transformative businesses, Apple tends to target small companies with focused teams — typically to accelerate an internal project or jump-start a new initiative.

Compare that with Facebook’s $19 billion purchase of WhatsApp, or Google’s $12.5 billion deal for Motorola Mobility...

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