Key Takeaways META shares surged 27% during September, marking the company’s strongest monthly performance since late 2022. The stock’s momentum followed the September 8 introduction of Muse,
Shares of Meta Platforms finished Wednesday’s trading session at $725.18, completing an impressive 27% advance for September—the company’s strongest monthly showing since late 2022.
The stock’s upward momentum stemmed 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 cutting-edge personal AI assistant application.
The new application achieved immediate market traction, overtaking OpenAI’s ChatGPT in Apple iOS download rankings soon after its public debut.
Data from Apptopia revealed that Muse attracted 1.8 million downloads across the United States and Canada during its initial 12-day period. Meanwhile, SimilarWeb tracking indicated the platform garnered approximately 700,000 daily active users within just 11 days of availability.
Evercore’s Mark Mahaney anticipates Muse could achieve 100 million users between six and 12 months from launch—representing an exceptionally rapid adoption curve for a newly introduced product.
The Muse platform demonstrates capability in executing complex, multi-step operations autonomously, including travel reservations, email composition, appointment scheduling, and even bill negotiation on behalf of users.
While the application is available at no cost, Meta has confirmed it will not integrate user information from Muse into its advertising ecosystem. The company’s monetization strategy centers on subscription tiers and transaction-based revenue.
The no-cost version provides limited weekly token allocations. A $20 monthly subscription unlocks 500 million tokens weekly, while a premium $100 tier expands capacity to 3 billion weekly tokens.
Additionally, Meta identified opportunities in transaction processing fees. The platform will generate revenue when Muse facilitates user purchases or connects consumers with products, including through Facebook Marketplace integrations.
Meta’s ambitions extend well beyond individual consumers. Following the initial launch, the company introduced Muse for Small Business, establishing integrations with workplace platforms including Slack, Zoom, Box, and Canva.
This week brought even more significant developments. Meta recruited CJ Desai, MongoDB’s former chief executive, to lead a newly established division dubbed Meta Enterprise Platform.
This platform will consolidate Meta’s AI agents, language models, development tools, and infrastructure capabilities into a unified offering. The move positions Meta as a more formidable competitor against established enterprise technology vendors.
In a Monday research note, BofA Global Research analysts projected the enterprise AI market, including cloud infrastructure, could eclipse $1 trillion by 2028. They highlighted Meta’s vast consumer data assets and messaging platforms as potential differentiators when marketing AI solutions to consumer-oriented enterprises.
The financial institution also anticipates Meta’s model APIs will become available through major hyperscaler platforms in coming periods.
September 2024 represents Meta’s fifth-strongest month in company history. The stock outperformed all other mega-cap technology companies and significantly exceeded the Nasdaq’s modest sub-2% gain during the identical timeframe.
Meta’s previous larger monthly advance occurred in November 2022, coinciding with OpenAI’s ChatGPT introduction. During that period, Meta was rebounding from a challenging year and had recently initiated a comprehensive efficiency transformation.
This latest surge, however, followed Meta’s proprietary AI product introduction rather than 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 long-term vision.
Zuckerberg additionally presented new hardware innovations at the conference, including the Muse Charm AI pendant. Wednesday’s trading saw the stock fluctuate between $721.30 and $738.25, within a 52-week band of $520.26 to $779.82.
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