Meta’s Muse: who are the winners and losers of more agentic AI adoption?

Meta Platforms' Muse AI agent has garnered significant attention since its September 9 launch, quickly becoming the top free app on both Apple's App Store and Google Play in the U.S. and Canada, with 2.8 million downloads in just two weeks. The AI agent can independently browse the web, send emails, and even make online purchases, raising concerns about potential disruptions in various industries.

The increasing popularity of Muse has led to a 9.06% increase in Meta's stock price this week and a 33.11% rise over the past month. However, the AI's capabilities are also causing alarm, as it could potentially displace functions across sectors such as banking, online shopping, and travel planning through a single platform.

Financial institutions, including banks and brokerages, face significant risks from Muse. The AI can audit bank statements, move cash to higher-yield accounts, and renegotiate fees automatically, eliminating the friction that these entities have historically profited from. JPMorgan Chase (JPM) and Schwab (SCHW) both experienced a decline of 0.73% and 0.85% respectively, as of September 23, 3:59 PM EDT.

Wealth management firms like Raymond James, Ameriprise Financial, and LPL Financial, which rely on customer passivity and recurring fees, are particularly vulnerable to disruption. Similarly, insurers like Allstate, Progressive, Marsh, and Arthur J. Gallagher have seen declines, as Muse can silently scan policy rates and re-shop coverage at every renewal cycle, eroding renewal inertia.

The travel industry is also grappling with the impact of Muse. Companies like Planet Fitness, Booking Holdings, Expedia, TripAdvisor, Uber, Lyft, DoorDash, and various ride-hailing and food delivery services have experienced sharp declines, as Muse can book travel and services directly, bypassing traditional aggregator platforms.

However, Muse is not solely creating a disruption; it is also opening up new opportunities for certain companies. Meta's Muse AI could generate $28.5 billion in additional annual revenue for the company by FY2030, indicating that the disruption pressure on affected sectors is a multi-year structural shift rather than a short-term trade.