Meta Platforms stock rose 11% on Monday, reaching a closing price of $741.25. Following this growth, Wells Fargo increased its price target for the company from $640 to $796. The rally outperformed the S&P 500, which gained 1.49%, and the Nasdaq Composite, which rose 2.26%.
The surge follows the launch of the Muse AI agent on September 8. The tool, built on the Muse Spark model family, performs tasks like booking appointments and sending emails. According to Sensor Tower, US iOS downloads for the app grew from tens of thousands at launch to hundreds of thousands within two weeks.
Muse briefly reached the top of the US App Store chart for free apps and secured a second-place ranking in the Productivity category. Analysts link the development of Muse to the recruitment of former Scale AI chief executive Alexandr Wang, who was brought in by Mark Zuckerberg to rebuild the company's AI lab.
The market reaction indicates strong investor interest in frontier AI progress despite ongoing debates regarding development risks. Meta is now preparing for the Connect conference, where the company faces questions about whether initial app store interest will translate into sustained usage numbers.
