Meta Platforms launched its Muse personal AI agent on September 8. The tool performs cross-platform tasks such as booking travel and comparing product prices across various websites and apps.
Investors triggered a significant selloff in the financial sector on Tuesday. Markets fear the tool will disrupt established business models by making it easier for consumers to switch banking, insurance, and wealth management providers.
Shares of Charles Schwab, Allstate, Morgan Stanley, and JPMorgan Chase all saw sharp declines. This movement reflects a broader rotation of capital into AI-related technology stocks as competition and margin pressures increase.