SpaceX Has a Meta Muse, Too. a Lot of People are Using It.

Dow Jones09-23 20:13

Move over Meta Platforms-SpaceX has a consumer AI agent, too.

Bloomberg reported that SpaceX's Grok Bot agent topped 400,000 weekly users a month after launch, citing a company presentation. SpaceX didn't respond to a request for comment about the numbers.

Agents are a step up from AI chatbots consumers are familiar with from OpenAI's ChatGPT or Alphabet's Gemini. They can execute multistep processes for users.

Meta stock jumped more than $75, or 11%, on Monday after its Muse AI agent topped app download charts.

Grok Bot isn't having that impact on SpaceX stock yet. Shares were down 0.8% in premarket trading at $153.50, while S&P 500 and Dow Jones Industrial Average futures were flat. Coming into Wednesday trading, SpaceX stock was up about $2 for the week.

Whatever the short-term reaction, the arrival of Grok Bot and Muse signals the onset of the AI agent era, where new tools can do more. Agents have also kicked off a new round of disruption fears, affecting everything from travel to financial services. Consumers might not need those apps or services if an AI agent can do everything from trip planning to tax planning for them.

Of course, it's early days for AI agents in the economy. Exactly how things will turn out is hard to say. Investors, however, hate uncertainty. They love potential, though, which is why Meta stock jumped.

Potential extends beyond the agent-makers. More complex AI tools mean more need for AI computing capacity. Muse's initial success kicked off an early-week rally in chip stocks. Coming into Wednesday trading, Intel stock was up about 14% for the week.

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