Bank of America Flags Meta's Shopping Agent as Threat to Apple's Services Business
Bank of America has sounded an alarm for Apple's services business, warning that Meta's shopping agent, Muse, could siphon off online commerce activity from the iPhone ecosystem. The analyst, Wamsi Mohan, cautioned that artificial intelligence agents like Muse could shift digital activity around product discovery, referrals, and transactions away from Apple.
Mohan noted that Apple's updated Siri lacks some of Muse's background task capabilities and broader third-party actions. However, he maintained a Buy rating on Apple, citing the company's large installed base, user trust, and privacy-focused technology as strengths.
The warning sent Apple's stock down 2% to $331.08, while Meta's stock rose 0.4% to $718.53. The gap between Apple's decline and the broader tech market suggests investors are taking the warning seriously.