The company’s shares closed at $725.18 Wednesday, representing a 27% increase from the closing price of $572.34 at the end of August.\u00a0Wall Street has been optimistic about the company’s business since the Sept. 8 debut of its Muse personal AI agent app<\/a>, which became a major hit and topped rival OpenAI’s ChatGPT<\/a> in Apple iOS downloads.<\/p>\n The last time Meta stock had a bigger month was November 2022, the month OpenAI launched ChatGPT<\/a>. Meta was rebounding at the end of a brutal year as it was kicking off its efficiency push. <\/p>\n Meta also held its annual Connect conference for developers in September, when CEO Mark Zuckerberg characterized Muse as a “centerpiece”<\/a> for its product and business strategy while revealing new hardware products such as the Muse Charm AI pendant<\/a>.<\/p>\n As the company eyes a potential big business in the nascent AI agent market<\/a>, rivals including OpenAI, which debuted its Dots agent tools<\/a> Tuesday, are doing the same. Meanwhile, this week Meta also hired<\/a> MongoDB CEO CJ Desai to head its new business unit called Meta Enterprise Platform while debuting Muse for Small Business agent technologies<\/a>. <\/p>\n “The enterprise AI solutions market, including cloud capacity, is expected to exceed $1trn by 2028, and we think Meta’s consumer data and communications apps could give Meta’s advantages for AI enterprise sales to consumer-focused companies,” BofA Global Research analysts wrote in a Monday note. “We would expect distribution of Meta’s model APIs on leading hyperscaler platforms.”<\/p>\n September was also the fifth best month on record for Meta. The stock outperformed all of its mega-cap peers and trounced the Nasdaq, which gained almost 2% over that stretch.<\/p>\n Correction: A prior version of this story referenced an incorrect date for the last big quarter for Meta’s stock in the key points.<\/p>\n
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