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.
