Meta's Muse AI Agent Tops App Store, Stock Surges 7.3% Ahead of Connect
META sits 40% above its 52-week low of $520.26.
Summary
Meta's new personal AI agent, Muse, launched in the U.S. earlier this month and has become the most-downloaded free app on the Apple App Store for four consecutive days, ahead of OpenAI's ChatGPT. The stock jumped 7.3% to $713.70 on Monday, its highest close since January, and is up 25% in September. Analysts see Muse as a potential subscription revenue stream that could justify Meta's massive AI spending, with Wells Fargo raising its price target to $796 and Truist reiterating a Buy. However, Amazon has asked Meta to remove it from the Muse experience, signaling pushback from third-party platforms. Meta Connect begins Wednesday, where the company is expected to reveal more usage data and new features.
At the time of this announcement, META was trading at $728.82 on NASDAQ in the Technology sector, with a market capitalization of approximately $1.9T. The 52-week trading range was $520.26 to $790.80. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.