"We believe there is a possibility that federal courts rule against Google and force it to terminate its search deal with Apple," said Bernstein in the report sent to The Register. "We estimate that the ISA is worth $18B-20B in annual payments from Google to Apple, accounting for 14-16 percent of Apple's annual operating profits."
https://www.theregister.com/2023/10/10/google_pays_apple_18_20_claims_bernstein/?td=rt-3a