Meta stock was up about 40% in September, on pace for its best month in 13 years, after Muse launched three weeks before this episode. Shay says agentic AI is having a ChatGPT moment with Muse. Meta already has 3.6 billion daily active people across its apps, and Brad calls that number alone a mic drop moment.

Shay calls this Meta 2.0. The stock was always discounted under 20 times earnings because it was judged as an ad platform. Now Meta is using that cash flow to fund frontier AI models, personal agents, enterprise software and potentially the next major consumer hardware platform, all at the same time. The question is whether Muse moves Meta from getting paid for creating demand to sitting inside the transaction itself.

They get into the health of the core ad business, whether Threads is a dud, why Meta can give Muse away while OpenAI and Anthropic have to charge for it, whether people will trust Meta with their data, how Meta pays for about $138 billion of capex this year, the lead in wearables, youth safety and regulation, and Meta's push into enterprise.

Shay is bullish. He thinks Meta becomes one of the top five most valuable companies in the world, and he says anyone buying Meta is buying for the next five years. His wife studied art and is not in finance, and she now uses Muse every day. Brad's general view is bullish too. He does not expect Meta to take 100% of the consumer AI pie, only its fair share, and he says Meta can outsprint everybody but has to make sure it only wins by a little.

Tell the guys which stock deserves the next deep dive. Shay is leaning toward a Latin America episode on Nubank and MercadoLibre.

Watch the full episode with chapters on YouTube: https://youtu.be/tEd_IETk3xc

New episodes every Monday on The Deep End.

Nothing in this episode is investment advice. Shay discusses his own portfolio, and Meta is the largest position in his family portfolio. Brad's general view is bullish.