Bank of America (BAC) just gave Wall Street one of its boldest Apple (AAPL) price targets yet, lifting it to $380 from $330, and the thesis is simple: artificial intelligence is about to become a far bigger business for Apple than most investors currently appreciate.

The upgrade, driven by Bank of America analyst Wamsi Mohan, centers on the rise of what the firm calls “agentic AI,” a term for AI systems capable of completing tasks on their own across apps, services, and devices.

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Mohan kept his “Buy” rating intact and laid out a case that Apple could generate between $15 billion and $30 billion in AI-related revenue by fiscal 2030. That would originate from a combination of Apple’s own…