Key Takeaways
- Meta’s shares rose 27% during September, recording the strongest monthly performance since late 2022.
- The surge came after Meta unveiled Muse on September 8, a personal AI agent application.
- Within days of release, Muse surpassed OpenAI’s ChatGPT in Apple iOS app downloads.
- Former MongoDB CEO CJ Desai joined Meta to spearhead the newly created Meta Enterprise Platform division.
- Industry analysts believe Meta’s vast consumer insights position it well in the enterprise AI sector, expected to exceed $1 trillion by 2028.
Shares of Meta Platforms finished Wednesday’s trading session at $725.18, completing a remarkable 27% monthly advance—the company’s strongest performance since November 2022.
The impressive rally stems from mounting enthusiasm surrounding Meta’s aggressive expansion into AI agent technology. Market participants have closely monitored developments since September 8, when the company introduced Muse, its innovative personal AI assistant application.
Muse experienced immediate market success, overtaking OpenAI’s ChatGPT in download rankings on Apple’s iOS platform soon after its introduction.
Data from Apptopia revealed that Muse accumulated 1.8 million downloads across the United States and Canada during its initial 12-day period. Meanwhile, SimilarWeb reported approximately 700,000 daily active users just 11 days post-launch.
Evercore’s analyst Mark Mahaney forecasts Muse could attract 100 million users within a six to twelve-month timeframe, representing an exceptionally rapid adoption curve for a newly launched product.
Introducing Novel Revenue Models
The Muse application performs complex, multi-step operations autonomously. Its capabilities span trip planning, email composition, calendar scheduling, and even bill negotiation services.
While Muse remains free to download, Meta has committed to keeping user information separate from its advertising infrastructure. Revenue generation will instead come through subscription tiers and transaction-based fees.
The basic free version provides users with restricted weekly tokens. Premium subscribers paying $20 monthly receive 500 million weekly tokens, while those opting for the $100 tier gain access to 3 billion tokens each week.
The company also identified transaction processing as a significant revenue opportunity. Meta intends to collect fees when Muse facilitates user purchases or connects customers with products, including through Facebook Marketplace integrations.
Moving Into Business Markets
Meta’s ambitions extended beyond individual consumers. Following the initial consumer release, the company introduced Muse for Small Business, integrating it with popular workplace tools like Slack, Zoom, Box, and Canva.
This week brought another major development. Meta appointed CJ Desai, previously serving as MongoDB’s CEO, to lead a newly established division named Meta Enterprise Platform.
This enterprise-focused platform will bundle Meta’s AI agents, machine learning models, development tools, and technical infrastructure into a unified offering. The move positions Meta as a more formidable competitor against entrenched enterprise technology providers.
In a research note published Monday, BofA Global Research analysts projected the enterprise AI market, encompassing cloud infrastructure, could surpass $1 trillion by 2028. They highlighted Meta’s extensive consumer data and messaging platforms as competitive advantages when targeting consumer-oriented enterprises.
The investment firm also anticipates Meta’s model APIs will become available across leading hyperscaler cloud platforms in the near future.
Understanding September’s Exceptional Performance
September 2024 ranked as Meta’s fifth-strongest month historically. The stock outperformed all other mega-cap technology companies and significantly exceeded the Nasdaq’s modest gain of just under 2% during the same period.
Meta’s previous larger monthly gain occurred in November 2022, coinciding with OpenAI’s ChatGPT launch. At that time, Meta was rebounding from a challenging year and had recently initiated a comprehensive efficiency transformation.
This recent rally differs notably—it followed Meta’s own AI product introduction rather than responding to a competitor’s announcement. Meta’s annual Connect developer conference also occurred in September, where CEO Mark Zuckerberg characterized Muse as a “centerpiece” of the company’s strategic direction.
Zuckerberg additionally introduced new hardware products at the conference, including the Muse Charm AI pendant. On Wednesday, the stock fluctuated between $721.30 and $738.25, within its 52-week trading range of $520.26 to $779.82.
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