Apple shares fell 2% after a Bank of America report identified Meta's new AI shopping agent, Muse, as a potential risk to Apple's services business. The report said that as consumers increasingly use AI agents to make purchases and handle other tasks, they may rely less on Apple's App Store and payment systems—key parts of its high-growth services division.
Bank of America maintained its Buy rating on Apple, but investors reacted to the potential long-term competitive threat. Separately, reports said new CEO John Ternus is planning a corporate restructuring to speed up product launches, create a leaner organization and strengthen the focus on engineering innovation.