Meta Platforms Inc. (NASDAQ:META) shares surged 4.5% on Thursday, making it the world’s seventh most valuable public company, a rally Gene Munster admits he missed after predicting the stock would be “flat to down” following Meta Connect event.
Munster ‘Missed’ the Bigger Picture
“Last night, I predicted $META would be flat to down today following Meta Connect.” Munster said in a post on X.
The Deepwater Asset Management managing partner said what he missed was the significance of CEO Mark Zuckerberg‘s comment that Muse would become “the centerpiece of Meta.”
He said the remark revealed that Zuckerberg was operating in “wartime CEO mode,” willing to tear down Meta’s existing architecture and rebuild the company as an “agentic, AI-first business,” a shift Munster believes raises the odds of success and could lay the groundwork for a re-rating of the stock.
Zuckerberg Says Muse is the ‘Centerpiece’ of Meta’s Vision
Munster’s initial prediction came after Wednesday’s event, where he said Meta didn’t provide the “juicy nuggets” he wanted on Muse adoption.
What he missed, he later admitted, was that Zuckerberg’s vision for Muse mattered more to investors than any specific adoption numbers.
At the event, Zuckerberg said “the centerpiece of our vision for what we’re building is Muse,” adding he expects the AI agent to “grow into the personal super intelligence that billions of people around the world are going to use to accomplish their goals and improve their lives.”
Meta Overtakes SpaceX As the World’s 7th-Largest Company
At Thursday’s close, Meta’s market cap stood at roughly $1.72 trillion, ahead of SpaceX’s $1.14 trillion, according to Yahoo Finance data.
Muse, which launched Sept. 8, is free for most users, with $20 and $100 monthly tiers for heavier use.
Price Action: The stock closed 4.5% higher on Thursday at $777.59 and fell 0.22% in extended trading.
Benzinga edge rankings indicate Meta’s stock has a Momentum score in the 88th percentile and a Growth score in the 79th percentile.
See More: Top Growth Stocks
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Frederic Legrand – COMEO on Shutterstock.com
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