Meta Platforms Inc. (NASDAQ: META) posted double-digit weekly gains, driven by the performance of its new AI agent, Muse. The application became the top free app on Apple’s App Store, outpacing the early download pace of ChatGPT. JPMorgan analyst Doug Anmuth stated that Muse has the potential to become the most widely used consumer AI application since ChatGPT.
Separately, Advanced Micro Devices Inc. (NASDAQ: AMD) achieved a significant market milestone. The company’s shares surged as much as 10% on Monday, pushing its market capitalization past $1 trillion for the first time. This performance capped a five-session winning streak fueled by renewed demand for AI chips. Since the start of the year, AMD shares have nearly tripled, with the performance gap versus Nvidia Corp. (NASDAQ: NVDA) reaching over 160 percentage points, the widest since the beginning of the AI era.
The article also notes that Moderna Inc. (NASDAQ: MRNA) rallied approximately 30% over the week, the best performance among S&P 500 stocks. This rally followed the acceptance of three abstracts on its experimental cancer vaccine, intismeran autogene, at the European Society for Medical Oncology Congress in Madrid. The headline presentation covers late-stage melanoma data combining the vaccine with Keytruda from Merck & Co. Inc. (NYSE: MRK).
On the subscription economy front, Planet Fitness Inc. (NYSE: PLNT) fell as much as 11% on Tuesday. The drop was attributed to investor concerns regarding the impact of AI agents like Muse on consumer inertia regarding subscription cancellations. Citrini Research highlighted 90 subscription stocks exposed to this trend, noting that customers may now actively bargain for better rates rather than forgetting to cancel. Gen Digital Inc. (NASDAQ: GEN), the owner of Norton, Avast and LifeLock, fell more than 20% for the week, dropping 12% on Thursday after The Financial Times reported the company had approached GoDaddy Inc. (NYSE: GDDY) about a possible acquisition in early stages.
