Meta's Muse AI triggers financial sector selloff, boosting Robinhood
Meta's new AI agent, Muse, has triggered a significant selloff in traditional financial services while boosting competitors like Robinhood. Schwab shares dropped 6% as investors fear AI will disrupt fee-based advisory models, while Robinhood hit a new high. The broader financial sector declined, with LPL Financial falling 7%. Muse, which can book travel and manage tasks, has downloaded over 2.5 million times since its September 8 launch, raising concerns about the disruption of 'consumer inertia' in banking, insurance, and travel.
