# Bank of America warns AI agents threaten Apple's services revenue Meta's Muse AI bypassing Apple ecosystem poses new risk to services business - **Source:** [9to5Mac](https://brifing.si/source/59447403-ce5b-427c-8132-8614f549929a) - **Published:** 2026-09-30 - **Topic:** [Business](https://brifing.si/c/business) - **Original article:** - **On Brifing:** https://brifing.si/s/1e5c574d-e969-41e8-8a66-988f17952a49 ## AI ecosystem threat Bank of America warns Meta's Muse AI agent represents a new risk to Apple's services revenue by potentially bypassing its ecosystem. Muse can handle product discovery, referrals, and transactions that currently flow through Apple's platforms. The analyst notes Apple could retain hardware sales while losing these high-margin service revenues. This comes as Muse tops US App Store charts with 3.4M+ downloads in two weeks. ## Commerce integrations Muse's growing list of commerce partners like Shopify, Expedia, and PayPal demonstrates how AI agents can handle end-to-end transactions. These integrations allow Muse to complete purchases without routing through Apple's payment systems. The agent's ability to browse, book trips, and make payments directly threatens Apple's App Store commission model. Bank of America sees this as a structural challenge to Apple's services economics. ## Technical capabilities gap The analyst highlights Muse's advantages over Siri, including persistent background tasks and broad third-party action support. Modern iPhones have sufficient hardware for AI agents, making software execution Apple's key challenge. Apple's annual software update cycle contrasts with AI agents' ability to improve daily. This pace difference could put Apple at a competitive disadvantage in agent development. ## Apple's strategic response Bank of America suggests Apple needs faster coordination between its Services, silicon, payments, privacy, and Siri teams. The note emphasizes the need for Apple to compete in what it calls the 'economics of user intent.' While maintaining a Buy rating, the analyst sees Apple's privacy reputation and installed base as advantages in convincing users to trust its AI solutions for sensitive tasks. ## Market reaction Apple shares dropped over 2.5% following the Bank of America note's publication. The market appears concerned about AI agents capturing transaction flows that currently generate significant services revenue for Apple. Despite the risks, the analyst maintains a $370 price target, believing Apple could still be an 'eventual winner of AI at the edge' given its resources and ecosystem strengths. ## User adoption trends Muse's rapid rise to #1 on the US App Store free charts in just 10 days demonstrates strong consumer interest in AI agents. Its ability to overtake ChatGPT suggests users value practical task automation capabilities. The speed of adoption indicates potential for AI agents to quickly reshape consumer behavior and transaction patterns, bypassing traditional platform intermediaries like Apple's App Store. ## Payment system disruption The analyst notes that AI agents could capture the 'routing economics' currently going to operating systems and app stores. With dedicated payment rails, agents like Muse can complete transactions without using Apple Pay or the App Store's payment system. This threatens Apple's 15-30% commission on digital goods and services, which contributes significantly to its services revenue growth. ## Strategic implications The Bank of America analysis suggests AI agents represent a fundamental challenge to Apple's services business model. While hardware sales remain secure, the potential loss of transaction routing poses long-term risks. Apple must accelerate its AI capabilities to maintain control over user intent and transaction flows. The company's response will test its ability to adapt its successful ecosystem strategy to the AI era. ## Sources covering this story - https://9to5mac.com/2026/09/29/bank-of-america-says-metas-muse-highlights-a-new-risk-for-apples-services-revenue/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._