- Meta unveiled Muse, described as 'the world's first personal AI agent,' powered by the Muse Spark Frontier model.
- Muse recorded 2.8 million downloads within two weeks, with 1.8 million iOS downloads in the first 12 days, surpassing ChatGPT's 1.3 million.
- Muse became the top free app on Apple's App Store and Google Play in the US and Canada.
- Investors are worried about Muse's potential to disrupt various sectors, leading to stock declines in financials, booking, and other companies.
- Meta's shares soared nearly 13% this week, set for fifth-straight week of advances.
- Partnerships were announced with Shopify, PayPal, Expedia, Stripe, and Instacart.
- Meta CEO Mark Zuckerberg is expected to share his vision at the Connect conference on Wednesday.
- The financial sector was particularly hard-hit, with big banks like JPMorgan and Wells Fargo losing more than 3% each this week.
- Booking companies such as TripAdvisor and Booking Holdings lost over 6% this week.
- Planet Fitness has tanked 17%, while the New York Times is down 10%.
- Other decliners included ride-hailing companies such as Uber and Lyft, and online food marketplace DoorDash.
Meta's Muse AI agent is experiencing the fastest adoption since ChatGPT, surpassing it as the most downloaded free app on both the Apple App Store and Google Play Store. In just two weeks, Muse achieved 2.8 million downloads, with an average daily growth of 55% in its first ten days, according to Sensor Tower.123
The app allows users to delegate tasks like shopping and travel booking, raising concerns among investors about its potential to disrupt various sectors. Meta's stock has surged nearly 13% this week, reflecting optimism about Muse's revenue potential, which could reach $28.5 billion by fiscal 2030, as estimated by Truist Securities.56
Despite the excitement, some investors worry that Muse could weaken customer loyalty by making it easier to find cheaper alternatives. Art Hogan, chief market strategist for B. Riley Wealth, dismissed these concerns, stating, "If you're going to trust the management of your finances to something that Muse found for you, then you were likely not a big payer to anyone in that industry to begin with."
Muse's rapid growth is attributed to Meta's vast user base of over 3.6 billion, with 95% of Muse users also being Facebook users. The app has maintained a high rating of 4.9 out of 5 stars on iOS, with over 36,000 reviews. As Muse continues to gain traction, it is poised to become one of the most popular AI applications, potentially generating significant revenue for Meta and its shareholders.
“Muse recorded 2.8 million downloads in two weeks, with 642,000 daily active users in its first 12 days, triple ChatGPT's pace. Meta's shares jumped nearly 13% this week, while financials like JPMorgan and Wells Fargo lost over 3% on fears of user switching.”
Yahoo Finance
