Artificial intelligence’s shift to agents is poised to benefit Apple, according to Bank of America. The bank reaffirmed its buy rating on the company in a Tuesday note and raised its price target to $380, up from $330, representing a 23% upside from Friday’s close. Analyst Wamsi Mohan explained that as AI models move toward agent‑centric usage, Apple will gain leverage over other AI firms, leveraging its extensive user data captured across its devices. He noted that Apple’s AI moat derives from its silicon and iOS platform: the silicon enables on‑device inference, which improves latency, privacy, reliability, and cost efficiency, while iOS allows AI to access user context, invoke apps, route requests, authenticate identity, request confirmation, and complete tasks in a trusted manner. Apple’s year‑to‑date performance remains robust. Although some analysts have questioned Apple’s AI strategy — suggesting it lags behind many of its “Magnificent Seven” peers — Mohan argues that the company has a significant opportunity through its Siri product. He estimates that Siri could generate incremental revenue of $15 billion to $30 billion by fiscal 2030, with a bullish scenario of $40 billion to $65 billion. In an agent‑centric world, value accrues to platforms that control user intent, personal context, app access, permissions, identity, authentication, payments, and trust. To win, Apple must evolve Siri into the iPhone’s orchestration layer.
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