Bank Warns: Meta's AI Agents Could Impact Apple's Service Revenue

A U.S. bank has issued a report warning that Meta's new AI agent, Muse, could increasingly circumvent Apple's ecosystem, potentially threatening revenue streams from Apple's services business. The analysis highlights the growing capability of third-party AI agents to handle tasks like product discovery, service navigation, and transaction initiation.

Meta's Muse AI agent has rapidly gained popularity, topping the free apps chart in the U.S. app store for two consecutive weeks. With an estimated over 3.4 million downloads, Muse can browse the web, fill out forms, make bookings, and complete purchases on behalf of users, raising questions about Apple's strategic position.

According to Sensor Tower data, Muse's rapid ascent and its ability to perform a wide range of user-driven tasks challenge traditional models where app stores and operating systems mediate these interactions. The agent's integration with platforms like Shopify and PayPal indicates its growing role in managing the entire purchasing journey.

The bank's report indicates that while Apple may maintain hardware sales, it risks losing revenue derived from the mediation of transactions and service discovery. This shift could impact a significant portion of Apple's current income, which is heavily reliant on its services segment.

Despite these concerns, the bank maintains a 'buy' rating for Apple, citing its ecosystem advantages and potential in on-device AI. However, the report notes the speed of AI agent development, with daily iterations possible, contrasts with Apple's annual software update cycle, posing a significant challenge for its existing Siri assistant.