Meta Shares Jump Over 11% as AI Assistant Muse Tops App Store

Meta Platforms shares surged more than 11% on Monday, September 21, fueled by the rapid rise of its AI assistant app, Meta Muse, which topped the U.S. iOS free app chart, surpassing rivals including ChatGPT and Claude.

Launched on September 8, Muse is described by Meta as the first personal AI assistant designed for everyone. It can help users research information, fill out forms, shop online, book restaurants, and connect to services such as email, calendars, Spotify, Instagram, and OpenTable. Sensor Tower data shows Muse surpassed 730,000 downloads in its first five days and exceeded 2.5 million downloads within 13 days. Apptopia estimates Muse had 642,000 daily active mobile users in the U.S., nearly three times ChatGPT's 231,000 in the same period.

The breakout user growth lifted investor sentiment. Wells Fargo analyst Ken Gawrelski raised Meta's price target from $640 to $796, saying Muse demonstrates Meta now has a compelling story to tell in AI capabilities and services. Meta's stock has risen about 30% over the past three months.

Still, uncertainties remain. Some AI products have gone viral at launch before losing momentum, and Muse's access to personal data for cross-platform tasks raises privacy concerns. Whether the app can sustain its momentum and open a broader era of AI agents is yet to be seen.