OpenAI said Wednesday that it was buying a start-up owned by Jony Ive, Apple’s former chief design officer, for $6.4 billion. The all-stock deal to acquire artificial intelligence device-maker io includes OpenAI’s current stake in the company.

Gene Munster, Managing Partner at Deepwater Asset Management, warned Wednesday that OpenAI represents the first serious competitive threat to Apple Inc. (NASDAQ:AAPL) in two decades following the artificial intelligence company’s $6.

The purchase — the largest in OpenAI’s history — will provide the company with a dedicated unit for developing AI-powered devices.