In a new investor note issued today, Bank of America says Meta’s new Muse AI agent highlights how third-party AI agents could increasingly bypass Apple’s ecosystem and threaten its services revenue. Here are the details. Apple’s shares dropped more than 2.5% today, after Bank of America’s Wamsi Mohan issued an investor note warning that AI agents such as Meta’s Muse could increasingly capture product discovery, referrals, and transactions that currently take place through Apple’s ecosystem. From his note,. “The risk for Apple is that it can keep every handset sale and still lose discovery, referral, and transaction initiation.” Mohan’s note comes as Meta’s Muse nears two weeks at No. 1 on the US App Store’s free apps chart. According to Sensor Tower estimates cited by TechCrunch, Muse has amassed more than 3.4 million downloads as of last week. Meta’s OpenClaw-like AI agent can browse the web, fill out forms, book trips, send emails, and make purchases on a user’s behalf, and it seems to have caught on with the general public, as it took just 10 days to overtake ChatGPT at the top of the US App Store. Back to Mohan’s note, he maintained a “Buy” rating and $370 price target on Apple, arguing that despite the new risks posed by AI agents, he still sees the company as an “eventual winner of AI at the edge.” From his note,. “Whomever the agent chooses becomes the merchant, and whoever owns the agent collects the routing economics that previously accrued to operating systems, search, and app stores.” Mohan also points to Muse’s growing list of commerce integrations, including Shopify and Shop Pay, Expedia, and PayPal, as examples of how AI agents can increasingly handle transactions from discovery through checkout. Additionally, Mohan notes that modern iPhones al.