How Meta’s $29 billion social media settlement came together

Meta is contesting a New Mexico request for a $35B-$40B fine, calling it unconstitutionally excessive. The state seeks penalties for alleged consumer-protection violations related to Facebook's privacy practices. Meta proposes a fine between $154M and $1.54B, arguing the state failed to prove harm. A jury previously found Meta made 26 misleading statements, totaling 43M violations of state law.

Meta Platforms (META) launched its Muse Wonder AI model family, featuring Active Memory and Active Focus. CEO Mark Zuckerberg called it a turning point, noting faster future releases. The models are accessible via Meta's API and paid subscription. The company's Muse personal AI agent app, launched last month, has seen 5 million downloads. Meta invested $14 billion in AI overhaul, including a deal with Scale AI.

Alibaba (BABA) launched its Qwen Glasses N1 series, priced at $450, competing with Meta's (META) smart glasses. The Pro version includes eye-tracking and costs $525. Both companies aim to integrate AI assistants into wearables, with Alibaba leveraging its commerce ecosystem. BABA shares fell 1% in premarket trading.

Meta Platforms (META) shares rose 3.2% to $766.60 after launching Muse Wonder AI models. The company claims the models offer advanced capabilities, but no specific financial data was provided. The stock is 11.41% below its GF Value estimate of $865.38, raising questions about future profitability and customer retention.

Apple rose 1% after launching HomeView smart home hub. Meta gained 2% with Truist raising its price target to $1,000. Bumble surged 56% on a $1.3B acquisition deal. Memory chip stocks fell due to valuation concerns. AI infrastructure stocks also declined. Fermi jumped 17% on a deal with AMD. JPMorgan, Wells Fargo, and Goldman Sachs reported mixed Q3 results. Johnson & Johnson, Domino's, and Syndax Pharmaceuticals reported earnings. Six Flags fell 16% after a roller coaster incident.

Meta introduced new AI models, Muse Wonder and Muse Wonder Full, claiming state-of-the-art performance in tasks like coding, finance, and health. The stock rose 2.5% on the news. JPMorgan raised its price target to $920, citing Muse's potential as a leading consumer AI application. Meta also unveiled a hardware device, Muse Charm, for AI interaction.