Meta shares logged their best trading day in more than a year after the company's new Muse AI agent overtook ChatGPT as the top free app on Apple's App Store. The rally helped push the Nasdaq to a fresh record high and lifted the broader Magnificent Seven group of stocks, even as Amazon moved to block Muse from placing orders on its site.
Meta shares surged more than 20% since details of its Muse AI assistant were released, driving the Nasdaq to a fresh record high on Monday. The move marked Meta's best single-day performance in over a year and pulled the wider tech-heavy market higher with it.
Muse downloads overtake ChatGPT
Meta's Muse agent overtook ChatGPT as the leading free iOS app on Friday, racking up over 730,000 downloads in the last five days. The assistant, which launched on September 8, has also hit No. 1 on the downloaded apps lists for both the Apple and Google Play stores in the US, beating TikTok and ChatGPT in the process.
The surge in interest followed a push from Meta chief AI officer Alexandr Wang, who has been posting on X about how users can prompt Muse to review their finances and claw back cash. He dubbed the effort the #MuseMoneyChallenge. Startup founder Joseph Devoy said he used Muse to find car insurance that cost him $3,500 less a year than his original plan. According to Business Insider: "Killer product", he wrote while posting a screenshot of his interaction with the AI agent.
Trading volumes in Meta stock surged as a result. The Roundhill Magnificent Seven ETF hit a record level for the second straight session.
Amazon pushes back
Not every platform is welcoming Muse's automation. On Monday, Amazon blocked Muse from placing orders in its shopping carts, saying the practice violated the retailer's terms of use. Meta says it has close to 3.9 billion users across its services, including WhatsApp, Instagram, and Facebook.
Some businesses are already pushing back on AI agents like Muse flooding their phones and marketplaces, even as the stock market rewards Meta for the launch.
Sources: CNBC, Business Insider
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