Bank of America repeats its Buy rating on Apple and sees the company as a long-term winner as more AI moves directly into users’ devices, according to an analysis.
However, the bank points to a growing risk from more autonomous AI platforms such as Meta Muse, which could take over parts of the search, referral and transaction flows on iPhone.
The analysts note that Apple’s new Siri AI still lacks several agentic functions, including persistent background tasks, broad third-party integration and payment solutions on par with Muse. The advantage instead lies in the large installed user base and Apple’s strong reputation for privacy.
BofA also believes that Apple needs to increase its pace of development as competitors’ AI agents improve significantly faster.
