Bank of America warns that AI agents, like Meta's new Muse, could threaten Apple's revenue from its services in the future. According to analyst Wamsi Mohan, AI agents can take over activities that are currently done within Apple's ecosystem, such as product searches, referrals, and initiating or completing transactions.
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Muse already seems to be gaining significant popularity. According to Sensor Tower cited by TechCrunch, it has surpassed 3.4 million downloads and has reached the top of the US App Store. Meta's AI agent can browse the web, fill out forms, make reservations, send emails and make purchases on behalf of the user.
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Mohan points out that as AI agents take on more and more tasks, the companies that control them could capture some of the economic value that currently goes to operating systems, search engines, and app stores. A case in point is Muse’s integrations with services like Shopify, Shop Pay, Expedia, and PayPal.
At the same time, the analyst believes that Apple needs to accelerate the development of Siri and better coordinate the teams working on artificial intelligence, payments, hardware and services. As he notes, modern iPhones already have enough computing power, so the main issue now is software and the integration of related capabilities.
See also: Meta Muse: Communication with the AI agent via video calls and email
Apple, however, has significant advantages, such as its huge user base and reputation for privacy, which could boost user trust in its own AI agents. Mohan maintains a “Buy” recommendation on Apple stock and a target price of $370, believing the company still has significant prospects in the age of artificial intelligence.
