Meta's recent stock momentum stems primarily from the strong early adoption of its Muse personal AI agent, launched in September 2026, which quickly topped app charts and helped drive a 36% September rally toward the $2 trillion valuation threshold. Traders are weighing continued AI product traction—including the late-September Meta Enterprise Platform launch and Connect 2026 hardware updates—against elevated 2026 capex guidance of $130–145 billion that has compressed free cash flow. Privacy concerns around AI glasses in Europe and Apple's planned Mac safeguards for Muse data access add near-term uncertainty, while broader market sentiment and the absence of major catalysts before the October 28 earnings report will likely dictate the October 5 close. Analyst consensus remains bullish with targets near $790–800.