Stock Market Today, Sept. 21: Meta Surges on Excitement Over Muse Personal AI Agent

Meta's stock rose 11.43% after its AI agent, Muse, became the top app on Apple's U.S. App Store. Analysts raised price targets and revenue estimates, with Wells Fargo setting a target of $796 and Truist estimating $28.5B in revenue by 2030. CEO Mark Zuckerberg stated Muse could generate revenue by saving users money and facilitating commerce, rather than direct payments. Meta's free cash flow is expected to turn negative this year and worsen in 2027, according to analysts.

Meta Platforms' stock rose 11.43% to $741.25 after its new AI agent, Muse, saw strong early adoption. Apptopia reported Muse had 1.8 million iOS downloads in 12 days, surpassing ChatGPT's 1.3 million. The stock is now near Wall Street's average target of $755.28, with Wells Fargo raising its target to $796. Investors await evidence of retention, task completion, and monetization.

Meta Platforms' stock rose 12% on Sept. 21, increasing Mark Zuckerberg's net worth by $25 billion to $253.6 billion, according to Forbes. Wells Fargo raised its price target for Meta to $796, citing the potential of its AI assistant, Muse. Meta's annual Connect conference, focusing on AI and smart wearables, is scheduled for Sept. 23-24.

Meta's stock surged over 10% after Wells Fargo raised its price target to $796, citing AI product launches like Muse AI, which topped Apple's App Store. The company's shares have risen 30% in the past three months, though they are still down about 5% over the past year. Meta's CEO, Mark Zuckerberg, is set to present at the Meta Connect conference.

Advanced Micro Devices (AMD) reached a $1 trillion market value, driven by the success of Meta's AI agent Muse, which topped U.S. iPhone downloads. AMD's CEO highlighted agentic AI as a key growth area, with server CPU demand expected to rise. AMD's Q2 revenue grew 50% YoY to $11.5B, with data center revenue up 107% to $6.7B. Other semiconductor stocks also rallied.

Meta's Muse app, which creates custom AI agents for digital tasks, reached 902K downloads in its first six days, surpassing Meta's earlier AI app. Analysts at Evercore ISI called it a sign of successful innovation, citing potential revenue opportunities. Meta's shares rose 11% on Monday, and key suppliers like AMD, Intel, and Arm Holdings also saw gains.