CNBC’s “Fast Money” traders debated whether Meta Platforms Inc.’s (NASDAQ:META) Muse could pressure Apple Inc.’s (NASDAQ:AAPL) Services business after Bank of America warned that AI agents may increasingly transact for users without routing spending through the App Store.
Meta gained almost 30% in the last month versus Apple’s 2%.
Bank of America Flags Services Risk but Stays Bullish
Bank of America maintained its Buy rating on Apple, citing the company’s strong position in hardware and devices, but warned that AI agents could redirect some transactions away from Apple’s ecosystem.
Contributor Courtney told CNBC on Wednesday that the risk is real but questioned whether Muse will ultimately emerge as the dominant agent.
She noted that Apple is pursuing on-device AI while Muse faces growing competition from OpenAI and several other agentic AI platforms. “Is it at risk? Yeah. Is it Muse who does it? I think that’s that’s the big question,” she said.
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Traders Question Near-Term App Store Impact
Another contributor questioned how much Muse could actually hurt App Store economics. He said Apple earns commissions on only a portion of App Store activity, particularly gaming and in-game purchases.
Muse is more likely to handle transactions such as food delivery and airline bookings, areas where Apple does not currently collect App Store commissions, he said.
“So, I get the thesis, but in practice, I don’t think it actually happens right now,” he said.
Muse’s Enterprise Push Adds Uncertainty
Another trader highlighted Meta’s enterprise ambitions and its recruitment of the MongoDB CEO, saying that development suggested Muse could eventually reach further into commercial activity than initially expected.
The panel broadly viewed agentic AI as a new competitive risk for Apple, but questioned how quickly Muse could materially disrupt Apple’s Services revenue or whether Meta will ultimately capture that opportunity.
Price Action: Meta Platforms shares were down 0.11% at $738.00 and Apple shares were up 0.24% at $330.18 during premarket trading on Wednesday, according to Benzinga Pro data.
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