Meta Stock Surges 27% on AI Momentum with Muse Leading the Charge
Meta's stock has surged by 27% in September, marking its best month since November 2022. The company's shares closed at $725.18 on Wednesday, a significant increase from the closing price of $572.34 at the end of August.
The growth is largely attributed to the success of Meta's AI agent app, Muse, which debuted on September 8 and became a major hit, topping OpenAI's ChatGPT in Apple iOS downloads.
Wall Street has been optimistic about Meta's business since the release of Muse, with BofA Global Research analysts predicting that the enterprise AI solutions market will exceed $1 trillion by 2028. They also believe that Meta's consumer data and communications apps could give it an advantage for AI enterprise sales to consumer-focused companies.
Meta has also made significant hires in recent times, including MongoDB CEO CJ Desai, who will head its new business unit called Meta Enterprise Platform. The company is also debuting Muse for Small Business agent technologies.