BofA analyst Wamsi Mohan issued an investor note Sept 29 warning AI agents like Meta's Muse could let Apple 'keep every handset sale and still lose discovery, referral, and transaction initiation' — whoever the agent chooses becomes the merchant, and whoever owns the agent collects the routing economics. Apple shares fell more than 2.5% on the note. Mohan kept a Buy rating and $370 price target, arguing Apple is still an 'eventual winner of AI at the edge,' but said Apple's Services, silicon, payments, privacy and Siri AI teams must move together to compete for the 'economics of user intent.' Needham followed Oct 1, calling a Meta agent stack that disintermediates the iPhone Apple's biggest shareholder risk.
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