The Models and Agents Are Here, With Muse Consumers and Businesses Coming Next; Reiterate Overweight

We remain bullish on Meta following our 9/10/26 upgrade, and with Meta shares up 21% since the launch of Muse 2 weeks ago, vs. the SPX +1%. Muse has continued to climb in the App Store to currently the #1 most downloaded free app in the US, and at increasing download volume compared to a week ago. Following the accelerated model progression of Muse Spark with big gains in agentic and multimodal capabilities, Meta is shipping quickly around Muse, launching a beta for Muse outbound calls to US businesses, opening access for developers to build Muse connectors, launching Muse for Mac, and adding Shop Pay for agentic checkout. We believe Muse's early traction reflects three key drivers: 1) strong product-market fit, including leading agentic performance, ease of use, and an emphasis on privacy/safety; 2) a generous free tier that reduces friction for trial and repeat usage;