Evercore ISI analyst Amit Daryanani believes Apple Inc. has the right assets to dominate the personal AI agents market, potentially unlocking billions in new revenue. In a research note from November 9, Evercore highlighted Apple’s integrated ecosystem, spanning applications, personal data, and Apple Pay, as a key advantage over web-based AI competitors.
The firm estimates that 550 million to 560 million iPhone users globally have devices compatible with Siri AI, a significant portion of Apple’s 1.4 billion active iPhone users. This dwarfs the estimated user bases of Instinct (100,000) and Meta’s Muse (10 million). Evercore argues that Apple’s opportunity extends beyond answering questions to executing transactions and completing tasks across applications.
Currently, Siri AI remains largely request-driven with limited functionality compared to competing personal agents. Evercore identified areas for improvement, including persistent task execution, deeper third-party app connectivity, and enhanced memory capabilities. More advanced features could enable Siri to perform tasks in the background, even when users are not actively interacting with their devices.
Evercore also explored the financial potential of Apple’s AI strategy. A subscription scenario projects approximately $21 billion in annual revenue from 125 million paying customers at $14 per month. A transaction-based model estimates around $45 billion annually, assuming 125 million monthly users spend $600 each on eligible purchases, with Apple collecting a hypothetical 5% fee. These figures are illustrative and not company guidance.
Supporting more sophisticated AI agents would require increased computing investment, including cloud infrastructure, model processing, memory, and storage. Apple could distribute these workloads across on-device processing, its Private Cloud Compute infrastructure, and external cloud providers.
Evercore maintained its Outperform rating on Apple shares with a $380 price target, arguing that successful execution could create new revenue opportunities and strengthen customer loyalty across Apple’s hardware ecosystem.