Meta Platforms Surges 26% Amid AI Breakthroughs

The 'Magnificent Seven' stocks had a lackluster September, but one company stood out from the rest. While Nvidia, a dominant player in the AI chip market, only added 3.4%, Meta Platforms soared 26% in the month.

META's rise was fueled by its recent launch of Muse, a personal AI agent powered by its Spark family of large language models. The app had impressive downloads and surpassed OpenAI's ChatGPT to become the No. 1 iOS free app in the U.S. on Sept. 18.

Investors see this as an important milestone in Meta's quest to generate significant revenue from its AI investments, which could be monetized through subscriptions and related products and services. The company has been investing billions of dollars annually to build out its data centers and develop large language models.