ChatGPT went from generating roughly $10 million a month on Apple’s App Store in Jan. 2024 to more than $275 million in July 2026.
Apple did not build ChatGPT. It does not train it, run it, or market it. But every time someone subscribes, Apple collects a commission.
That dynamic is playing out across Claude, Gemini, Grok, and every other AI app that charges users through the App Store.
A Bank of America note, published Aug. 5 and shared with TheStreet, looks at what that means for Apple’s Services business and what the latest App Store data says about where the company sits in the AI landscape.
The note includes a data point that does not get enough attention: The per-user revenue number, not the download count, is the one telling the real story right now.
Apple App Store revenue grows even as global downloads fall
Bank of America analyst Wamsi Mohan reiterated his Buy rating on Apple and kept his $380 price target unchanged. Apple closed at $309.38 on Aug. 5, making that target roughly 23% above the current price.
The valuation is based on 37 times his calendar 2027 EPS estimate of $10.32, according to Investing.com.
Mohan’s analysis, based on Sensor Tower data, puts Apple App Store revenue at approximately $3.40 billion for the first 35 days of fiscal fourth quarter 2026. That is a 0.6% year-over-year increase, compared with $3.38 billion in the same 35-day period a year earlier.
Related: Morgan Stanley sends cautious Apple stock message after earnings
Downloads went the other way. Global App Store downloads fell 4.0% year over year to roughly 3.34 billion. The first negative download growth since April 2024.
Average revenue per download rose 4.7% year over year to $1.02. Users are spending more inside the ecosystem even as fewer new users are coming in.
Apple’s Services business runs on recurring spending from existing users, not new download counts. That makes the per-download revenue figure the more relevant number for investors.
China held up. Downloads fell 6.8% year over year, but App Store revenue rose 8.7%, the fifth consecutive month of revenue growth in the market. EU App Store revenue also rose 9% year over year in July.
ChatGPT hit $275M on Apple’s App Store as Claude accelerates
Google’s standalone Search app held 88% of DAU share among tracked apps in January 2025. By July 31, 2026, that figure had dropped to 73%. AI-powered alternatives took the rest.
ChatGPT generated more than $275 million in monthly App Store revenue in July 2026. In January 2024, that number was roughly $10 million. Claude produced approximately $65 million in July. Claude’s monthly revenue has grown every month since March 2026.
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ChatGPT and Claude downloads were driven by organic App Store search. Gemini used paid search. OpenAI is now at 5% of total year-to-date App Store revenue, the same level as Tencent and Google.
Every dollar spent on ChatGPT, Claude, or any other App Store subscription flows a commission to Apple. AI applications are getting bigger. The platform collects a growing share of that revenue, as TheStreet reported.
Why Bank of America says Apple Services keeps growing
The note cites Apple’s Siri AI architecture, Apple Silicon, and the Upgrade Program as Services growth drivers alongside App Store commissions. Mohan expects each to support stronger hardware demand and new AI revenue over the coming years.
In May, he argued that Apple’s agentic AI position gives it control over “user intent, personal context, app access, permissions, identity, authentication, payments, and trust,” according to CNBC.
He models Services revenue growth of approximately 10% year over year for the fiscal fourth quarter.
The Epic Games lawsuit remains unresolved. The U.S. Supreme Court agreed on June 30 to review applicable legal standards for civil contempt in the case. Apple is seeking to stay the California District Court proceedings pending that decision.
Mohan does not view the litigation as a significant threat to the investment thesis.
Kevin/Getty Images
App Store gaming revenue is falling as AI apps take share
Gaming is still Apple’s largest App Store category, but its revenue share dropped to 42% of total App Store revenue from 46% a year earlier.
Gaming revenue fell 9% year over year during the period. Productivity rose 42%, music 20%, business 15%, and food and drink 28%.
Within gaming, Tencent held the top position with revenue up 4.4% and downloads up 15.7% year over year. NetEase saw revenue fall 7.4% and Dream Games dropped 2.3%. Century Games was the strongest performer among the top five publishers, with revenue up 35.9% year over year.
Mohan’s Buy rating rests on the AI-driven iPhone upgrade cycle, expanding Services revenue, higher margins from internally designed chips, and continued shareholder returns.
AI apps are getting bigger. Users are spending more on them. Apple collects the commission either way.
Related: Apple CEO admits AI causes price troubles for Apple products
