Meta（META.US）：丰富的产品周期开启

We attended the Muse Connect keynote where the focus clearly was on making "superintelligence wearable" and were able to demo the new devices. Our initial thoughts on Muse, the TAM, costs and revenue potential, as well as the device updates are as follows. Muse has taken off electrically, tracking far ahead of recent app launches within the AI space. In our view, Meta found a clear gap amongst current AI-agentic offerings — at the intersection of a mobile app-based ecosystem, a consumer-oriented UI which is seamless to use, the ability to complete transactions autonomously, free-to-use for the most part, and an always-on feature within its own virtual machine — that makes it virtually unique in today's market. The high level of downloads points to very significant product market fit. Meta has been generous with free-tier usage limits (up to 100mn tokens per week), offering "Power" (500mn tokens/week, $20/month) and "Maximum" (3bn tokens/week, $100/month) tiers, and is building partners