The Muse Ecosystem and Capabilities Continue to Grow

Meta added key new retail partnerships, voice/wearables integration, productivity tools and more as META continues to press its early agentic lead. Meta may have also cracked VR glasses with a new smaller/lighter offering with extensive entertainment and productivity tools. Meta remains Top Pick. META announced several new Muse partnerships with retailers, including Walmart, Best Buy, Dick's Sporting Goods, Gap, and others. Meta's ability to continue to extend these Connectors is important as a way to remove friction in the user shopping and purchase process, and ultimately unlock what we believe is a $30tn consumer agentic spending TAM. While terms are unclear, we would expect transaction commission rates on these deals to be de minimis now as META focuses on building and scaling the ecosystem of users, engagement, and commercial behavior to be monetized over the long-term. META also showcased new voice functionality with Muse Voice (expected to be released in coming weeks), and Muse