Meta's Stock Rises Over 6.5% Following the Launch of Its New AI Assistant, Muse
On September 9, Meta Platforms (NASDAQ:META) saw its stock surge by over 6.5%, closing at $653.69 after launching a new artificial intelligence agent called Muse. The autonomous tool is designed to assist users with tasks such as online shopping and booking flights, potentially opening up new revenue streams for the company. The broader market moved lower on that day; the S&P 500 fell by 0.48%, while the Nasdaq Composite dropped 0.64%. Other social media companies like Alphabet (GOOG) and Snap also saw declines in their stock prices, indicating a softer sentiment across digital advertising names despite Meta's strong performance. Analysts suggest that Muse could be pivotal for Meta as it transitions from concerns over high AI spending to demonstrating tangible results through innovative products. Morgan Stanley estimates the potential market size of AI agents at around $30 trillion.
