Gene Munster Calls Personalized AI Agents Biggest Risk to Apple’s Ecosystem

Gene Munster, managing partner at Deepwater Asset Management, called personalized AI agents the biggest risk to Apple’s ecosystem after Apple CEO John Ternus’ first earnings call as chief executive.

“They’re the biggest risk to the Apple ecosystem,” Munster wrote in a Nov. 2 post. The statement is Munster’s investment view, not a confirmed effect on Apple’s business.

Apple held the call Nov. 2 at 5 p.m. ET (22:00 UTC). Ternus became CEO on Sept. 1, 2026, succeeding Tim Cook.

For the fiscal quarter ended Sept. 26, Apple reported net sales of $114.477 billion, up from $102.466 billion a year earlier. Services revenue was $31.573 billion, compared with $28.750 billion. iPhone revenue rose to $57.583 billion from $49.025 billion.

Siri AI was part of Apple’s holiday lineup. Ternus said, “Together with the all-new Siri AI, it’s an incredible lineup to carry us into the holiday season.” Apple’s release and financial statements did not provide a separate measure of revenue or customer use attributable to personalized AI agents.