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Apple’s fee machine meets the robot middleman
Bank of America is still a fan of Apple, but it’s waving a yellow flag at the company’s Services business. The worry? AI agents could eventually make purchases for users without sending the money through the App Store, which is basically Apple’s toll booth.
Why Meta’s Muse matters
Meta’s Muse is the shiny new villain in this story. CNBC’s panel said the agentic-AI threat is real, but also asked the obvious question: is Muse actually the one that wins this race?
That matters, because the competitive field is crowded:
- Apple is pushing on-device AI
- OpenAI and other agent platforms are in the mix
- Meta is also trying to move Muse deeper into enterprise and commercial activity
In other words, this isn’t a clean one-company knockout punch. It’s more like a pack of self-driving cashiers all trying to intercept your credit card swipe.
The catch: Apple doesn’t skim everything
One trader on CNBC pointed out that Apple only gets commissions on part of App Store activity, especially gaming and in-app purchases. If AI agents start booking flights or ordering dinner, Apple may not be losing a fee it was collecting in the first place.
So yes, the thesis sounds ominous. But the near-term damage may be more “interesting debate segment” than “Services implosion.”
Big picture: Apple’s moat is still huge, but AI agents are one more reminder that even the best toll roads can get rerouted if the map changes.