Meta's Muse AI drives Schwab stock to July lows as privacy concerns mount
Meta's new AI agent, Muse, has surged to the top of the US App Store, downloading over 2.5 million times since its September 8 launch. While the tool excels at planning tasks like packing schedules and email drafting, it faces significant hurdles in autonomous shopping and financial management. The launch has triggered a sharp selloff in traditional brokerage stocks, with Charles Schwab falling 6% on Tuesday, as investors fear AI agents will disrupt legacy financial intermediaries. However, consumer skepticism remains high; privacy experts and surveys indicate that many Americans distrust Meta with sensitive data, particularly after past scandals. Meta's CEO Mark Zuckerberg is expected to address these concerns at the company's Connect conference this Wednesday.
