Meta stock gains 27% in September on AI enthusiasm

  • Meta shares gained 27% in September, their strongest monthly performance since November 2022.
  • Muse recorded 1.8 million U.S. and Canadian downloads during its first 12 days.
  • Meta appointed former MongoDB CEO CJ Desai to lead its Meta Enterprise Platform division.

Meta shares gained 27% in September 2024, closing Wednesday at $725.18 and marking their strongest monthly performance since November 2022. The stock outperformed other mega-cap technology companies and the Nasdaq, which rose by less than 2% during the month, making September Meta's fifth-strongest month as a public company. The rally followed the September 8 launch of Muse, Meta's personal AI agent, which soon surpassed OpenAI's ChatGPT in Apple's iOS download rankings. Apptopia counted 1.8 million U.S. and Canadian downloads during Muse's first 12 days, while SimilarWeb estimated about 700,000 daily active users after 11 days. Muse can autonomously handle multi-step tasks including travel bookings, email drafting, appointment scheduling, form completion, purchases and bill negotiation. The service has a free tier and $20 and $100 monthly subscriptions, with Meta also pursuing transaction fees rather than using Muse data for its advertising business. Meta CEO Mark Zuckerberg called Muse a centerpiece of the company's long-term vision at the September Connect conference, where Meta also introduced the Muse Charm AI pendant. Meta has expanded into business software through Muse for Small Business and a new Meta Enterprise Platform led by former MongoDB CEO Chirantan "CJ" Desai. The division will bring together AI agents, language models, development tools and infrastructure as Meta targets an enterprise AI market that BofA Global Research estimates could exceed $1 trillion by 2028.

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