Meta's stock has traded near $728 amid continued momentum from the early-September launch of its Muse AI agent, which quickly topped app charts and fueled a 27%+ September rally by demonstrating monetization potential beyond core advertising. Traders are weighing strong ad revenue growth—up 28% year-over-year in Q2 with AI tools lifting conversions—against heavy 2026 capex of $130–145 billion and fresh privacy headwinds, including New Mexico's $35–40 billion penalty request and retail pullbacks on Ray-Ban Meta glasses. Enterprise and small-business Muse subscriptions, plus planned integration into AI glasses, support near-term sentiment, while OpenAI's competing agents add competitive pressure. The outcome hinges on whether today's price action sustains the post-Muse rebound or reflects spending and regulatory concerns.