Meta Shares Rise on Early Success of Muse AI Assistant
Meta Platforms Inc (NASDAQ:META) shares surged over 12% in afternoon trading as investors reacted positively to early traction for its new Muse artificial intelligence assistant and a raised price target from Wells Fargo. The stock climbed steadily, reaching an intraday high of $749.49 after opening slightly above the previous close at $680.27. According to Sensor Tower data cited by Yahoo Finance, Muse reached No. 1 on Apple's US App Store just ten days after its launch and had over 730,000 downloads in that period. Wells Fargo raised its price target for Meta from $640 to $796 while maintaining an 'overweight' rating due to the AI assistant’s early adoption. In addition to Muse's success, Meta announced a new subsea cable project called Petal connecting the US and France with 1 petabit per second capacity, set to launch in 2029. However, Amazon has blocked Muse from shopping on its website citing violations of use conditions. Meta Connect, an annual developer conference where updates about Muse usage and AI models are expected, begins soon. The company's renewed focus on AI is seen as a key test for Meta’s ability to expand beyond advertising into new revenue streams.
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Topics: AI adoption Meta Muse AI Subsea cable infrastructure Wells Fargo price target