Apple (AAPL) is now on the receiving end of trade-secret claims in its own fight with OpenAI. In a filing in federal court in San Jose on Tuesday, OpenAI alleged that an employee who left for Apple sent more than 100 files about an unreleased OpenAI device to a personal account. OpenAI says that person then presented the product to senior Apple leadership months ago. Apple says it found no evidence supporting the allegations and prohibits new hires from using former employers’ confidential information.
The allegations follow a soft stretch for Apple stock. Shares closed at $337 on Friday, October 9, after a Nikkei Asia report said Apple had cut iPhone 18 Pro component orders by at least 15% this month.
OpenAI Points at HomeView
The filing landed the same day Judge Edward Davila gave Apple early access to OpenAI files. He also fast-tracked depositions of Chang Liu, Tang Tan and Alyssa Peng, who sit at the center of Apple’s July suit. OpenAI also cited HomeView, the $299 smart display Apple unveiled that day, as a sign Apple is now building AI devices of its own.
HomeView anchors a new home lineup built around Apple’s Siri AI assistant. HomePod mini 2 reaches stores on October 30, followed by the new Apple TV 4K and HomeView on November 13. The fight is also one of the first big tests for John Ternus, who became CEO on September 1.
That drags the case into the one corner of Apple that needs new products most.
Wearables, Home and Accessories revenue peaked at $41.24 billion in fiscal 2022. It has fallen every year since, to $35.69 billion in fiscal 2025 (a 13% drop). Total revenue rose 6% over the same stretch to $416.16 billion, so the category’s share of sales slid from about 10.5% to 8.6%.
Services Is Where Apple’s Home Push Pays Off
The bigger prize sits elsewhere. Services brought in $109.16 billion in fiscal 2025, 26.2% of sales and about three times the size of Wearables, Home and Accessories. Scott Galloway, on The Prof G Pod, put services gross margins near 77%, roughly double the 39% he estimates for hardware.
A screen in the kitchen running Apple Music, FaceTime and Siri AI is one more way to pull households deeper into that business. TIKR’s segment data can’t show how much hardware drives Services, so that link is still a bet.
Why HomeView Matters More to Apple Stock
Trial is likely in October 2027, although OpenAI says it could be ready as early as June 2027. What the case could cost Apple remains unclear. The commercial stakes are clearer. HomeView goes up against Amazon (AMZN) and its Echo Show, Alphabet (GOOGL) and its Nest Hub, and Sonos (SONO) in speakers. If it sells well, HomeView could help reverse three straight annual declines in a product category that brought in about $36 billion in fiscal 2025, and give Apple another path into Services.
Investors are already paying for that kind of growth. Apple traded at 9.55x NTM EV/revenue in late September, close to its 10-year high of 9.84x. The November 2 results come first, but the holiday quarter, with HomeView on shelves from mid-November, is the real test.
Want to see whether HomeView turns that orange bar back up? Pull up Apple’s segment revenue on TIKR for free and track it quarter by quarter alongside Amazon and Alphabet. Learn more here.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
