TLDR
- Meta stock climbed 27% in September, its best month since November 2022.
- The rally followed the Sept. 8 launch of Muse, Meta’s new personal AI agent app.
- Muse topped OpenAI’s ChatGPT in Apple iOS downloads shortly after launch.
- Meta hired former MongoDB CEO CJ Desai to lead a new Meta Enterprise Platform unit.
- Analysts see Meta’s consumer data as an edge in the enterprise AI market, projected to top $1 trillion by 2028.
Meta Platforms stock closed at $725.18 on Wednesday. That capped a 27% gain for the month, its best since November 2022.
The rally was driven by growing excitement around Meta’s push into AI agents. Investors have been watching closely since the Sept. 8 debut of Muse, the company’s new personal AI assistant app.
Muse quickly became a hit. It topped OpenAI’s ChatGPT in Apple iOS downloads shortly after launch.
According to Apptopia, Muse drew 1.8 million downloads in the U.S. and Canada in its first 12 days. SimilarWeb data showed roughly 700,000 daily users within 11 days of release.
Evercore analyst Mark Mahaney projects Muse could reach 100 million users within six to 12 months. That would mark a fast ramp for a brand new product.
A New Kind of Revenue Stream
Muse can handle multistep tasks on its own. That includes booking trips, writing emails, making appointments, and even negotiating bills.
The app is free, and Meta says it won’t feed user data into its ad systems. Instead, the company plans to monetize Muse through subscriptions and transaction fees.
The free tier has limited weekly tokens. A $20-per-month plan offers 500 million tokens a week, while a $100 plan raises that to 3 billion tokens weekly.
Meta also sees opportunity in transaction processing. The company plans to take a cut when Muse helps users complete purchases or connects them to products, including through Facebook Marketplace.
Expanding Beyond Consumers
Meta didn’t stop at personal use. Weeks after the consumer launch, the company rolled out Muse for Small Business, linking it to platforms like Slack, Zoom, Box, and Canva.
This week, Meta went further. It hired CJ Desai, formerly CEO of MongoDB, to run a new unit called Meta Enterprise Platform.
The new platform will combine Meta’s AI agents, models, coding tools, and infrastructure in one package. That puts Meta in more direct competition with established enterprise tech players.
BofA Global Research analysts wrote in a Monday note that the enterprise AI market, including cloud capacity, could exceed $1 trillion by 2028. They said Meta’s consumer data and communications apps may give it an edge selling AI tools to consumer-focused businesses.
The firm also expects Meta’s model APIs to show up on major hyperscaler platforms going forward.
Context for the September Surge
September marked Meta’s fifth best month on record. The stock outpaced every other mega-cap tech company and beat the Nasdaq, which rose just under 2% over the same stretch.
The last time Meta posted a bigger monthly gain was November 2022, when OpenAI launched ChatGPT. Back then, Meta was recovering from a rough year and had just begun a company-wide efficiency push.
This time, the stock’s climb followed its own AI product launch rather than a rival’s. Meta’s annual Connect developer conference also took place in September, where CEO Mark Zuckerberg called Muse a “centerpiece” of the company’s strategy.
Zuckerberg also unveiled new hardware at the event, including the Muse Charm AI pendant. The stock traded between $721.30 and $738.25 on Wednesday, with a 52-week range of $520.26 to $779.82.
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