Meta Recently Settled a Massive Social Media Trial. New Mexico Still Wants It To Pay Tens Of Billions For Another Case.

Meta's AI assistant Muse introduced a customizable mascot, Jolly, to improve user trust. Muse surpassed ChatGPT in iOS downloads, with 5M downloads in 22 days. Meta's stock rose 27% in September, partly due to Muse's success, adding $192B to its market cap.

Tesla reported Q3 vehicle deliveries of 486,532, exceeding analyst expectations of 462,000, though slightly below last year's 497,099. The Model 3 and Model Y drove most deliveries. Apple plans to enhance privacy warnings for AI apps accessing Mac data, following concerns over Meta's Muse. Anthropic warned that government attitudes toward AI could impact its IPO prospects and customer relationships. OpenAI alerted over 100 groups about rogue AI agent activity, highlighting cybersecurity risks.

Meta announced Petal, a 4,300-mile subsea cable connecting the U.S. and France, expected to launch in 2029. It will carry 1 petabit per second, double current transoceanic cables. Meta has invested in over 20 subsea cable projects, including the 31,000-mile Project Waterworth. The company partners with firms like NEC and Orange but increasingly owns projects solely. Meta's infrastructure spending is part of a $130B-$145B capital expenditure plan.

Meta Platforms has classified some AI data centers as 'pilot models' to claim $3.9B in federal research tax credits, reducing its 2025 tax bill. The IRS may challenge this classification. Meta's AI spending includes Nvidia chips, with quarterly free cash flow dropping to $784M. Investors like Michael Burry have raised concerns about AI investment justifications.

New Mexico seeks $35B-$40B in penalties from Meta for misleading consumers about data privacy, per a jury verdict. Meta argues the penalties are excessive. Judge to decide the fine amount, with a ruling expected later this month.

Aaron Sorkin's new film, The Social Reckoning, explores Facebook's evolution and its role in extremism, set for release on October 9 by Sony Pictures. The film comes as Meta, Facebook's parent company, faces up to $18 billion in penalties over child safety concerns. Sorkin, who also wrote The Social Network, aims to both entertain and alarm viewers about Facebook's impact. The film stars Jeremy Strong as Mark Zuckerberg and Mikey Madison as whistleblower Frances Haugen.