Apple Inc.: Will agentic AI drive the next inflection in Apple’s valuation? PO to $380

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Apple Inc.: Will agentic AI drive the next inflection in Apple’s valuation? PO to $380

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Apple Inc.

Will agentic AI drive the next inflection in

Apple’s valuation? PO to $380

Reiterate Rating: BUY | PO: 380.00 USD | Price: 308.82 USD

Agentic AI shifts control from model to trusted endpoint 26 May 2026

In an agentic world, value accrues to the platform that controls user intent, personal Equity

context, app access, permissions, identity, authentication, payments, and trust.

Smartphone is the scaled consumer device where these factors already converge. If AI

Key Changesassistants become the new front door to search, apps, commerce, scheduling, payments,

and workflow completion, we think Apple should have meaningful leverage over model (US$) Previous Current

providers, app developers, merchants, advertisers, and payment networks. We raise our Price Obj. 330.00 380.00

PO to $380 on 37x our C27E EPS of $10.29 from $330 on 32x C27E of $10.29. We raise

the multiple to account for the significant opportunity in agentic AI. Reiterate Buy rating. Wamsi Mohan

Research Analyst

BofAS

+1 646 855 3854iPhone is well positioned because Apple controls the stack wamsi.mohan@bofa.com

Apple’s agentic AI moat comes from Apple silicon & iOS. Silicon dictates how much Ruplu Bhattacharya

inference can happen locally (matters for latency, privacy, reliability, and cost). OS Research Analyst

determines whether AI can access user context, call apps, route requests, authenticate BofAS +1 646 855 0315

identity, request confirmation, & complete tasks in a trusted way. Our analysis around ruplu.bhattacharya@bofa.com

token usage (Fig 16, 17, 19) suggests Apple will need to rely on distributed compute (on Ryan Seungin Choi