Meta's stock has just concluded its strongest monthly performance since 2022, as investors applauded the social media giant's recent momentum in artificial intelligence.
The company's shares closed at $725.18 on Wednesday, representing a 27% increase from the closing price of $572.34 at the end of August.
Wall Street has maintained an optimistic outlook on the company's business since the launch of its Muse personal AI agent application on September 8. The app has achieved massive success, surpassing competitor OpenAI's ChatGPT in Apple iOS downloads.
The last time Meta experienced a more powerful monthly performance was in November 2022, the same month OpenAI introduced ChatGPT. At that time, Meta was rebounding after a brutal year and had initiated efficiency improvement measures.
Meta also held its annual Connect developer conference in September, where Zuckerberg described Muse as the "core" of its product and business strategy, while simultaneously releasing new hardware products such as the Muse Charm AI pendant.
As the company eyes the potentially enormous business opportunities in the emerging AI agent market, competitors like OpenAI are pursuing the same path, with the latter launching its Dots agent tool on Tuesday.
Meanwhile, Meta also hired MongoDB CEO CJ Desai this week to lead its new business division called Meta Enterprise Platform, while simultaneously launching Muse agent technology aimed at small businesses.
"The enterprise AI solutions market, including cloud capacity, is projected to exceed $1 trillion by 2028, and we believe Meta's consumer data and communication applications could provide Meta with an advantage in selling AI enterprise products to consumer-facing companies," analysts at Bank of America Global Research wrote in a report on Monday.
"We expect Meta's model APIs to be distributed across leading hyperscale cloud platforms."
September was also Meta's fifth-best month on record. The stock outperformed all of its large-cap technology peers and significantly beat the Nasdaq index, which rose nearly 2% during the same period.