The stock price of Meta just concluded its best January since 2022, and investors have welcomed the recent momentum of this social media giant in the field of artificial intelligence.
The company's stock price closed at $725.18 on Wednesday, representing a 27% increase from the closing price of $572.34 at the end of August. Since the launch of the Muse personal AI agency application on September 8th, Wall Street has been optimistic about the company's business; this application has quickly become popular and has surpassed its competitor OpenAI's ChatGPT in terms of downloads on Apple's iOS.
The last time there was a more significant single-month increase for Meta was in November 2022, which was also the month when OpenAI launched ChatGPT. At that time, Meta was rebounding from a difficult year and had just initiated its efficiency improvement plan.
Meta also held its annual Connect Developer Conference in September. At that time, Zuckerberg referred to Muse as the “core” of its product and business strategy, and unveiled new hardware products including the Muse Charm AI pendant.
As companies target the potentially lucrative AI agency market, which is still in its infancy, competitors such as OpenAI are also making similar moves. On Tuesday, the latter launched a Dots agency tool. Meanwhile, Meta hired MongoDB as its Chief Executive Officer this week to lead its new business division, Meta Enterprise Platform, and also introduced Muse agency technology aimed at small businesses.
Analysts wrote in their report on Monday: "The market for AI solutions, including cloud computing power, is expected to exceed one trillion dollars by 2028. We believe that Meta in consumer data and communication applications could give AI an advantage in sales to consumer-facing companies." They added, "We expect that the models of Meta will be distributed on leading hyperscale cloud platforms."
September was also the fifth best month in the history of Meta. The stock performed better than all its large tech peers and far outperformed the Nasdaq; during the same period, the Nasdaq index gained nearly 2%.
