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Meta stock jumps 10% as Wells Fargo lifts target to $796 on Muse AI momentum
Meta stock rose more than 10% in intraday trading after Wells Fargo raised its price target on the company from $640 to $796 and its Meta Muse AI agent app hit the top spot on Apple's App Store. In a note to investors, analyst Ken Gawrelski pointed to Meta's recent AI model launches, including its latest Muse Spark offering and the Muse assistant, as proof the company now has a story to tell on AI capabilities and services. The move marks a sharp turnaround from last year, when Meta dealt with AI model delays and questions about the billions it is spending on AI infrastructure, and since then CEO Mark Zuckerberg has rebuilt Meta's AI lab, hiring Scale.AI co-founder and CEO Alexandr Wang as chief AI officer. The price target change and Muse's strong showing come ahead of Meta's Meta Connect conference on Wednesday, where Zuckerberg is scheduled to host a keynote outlining plans across AI and wearables devices. Meta stock has struggled over the last 12 months, falling roughly 5% versus Amazon's 38% gain and Google's 11% rise, while Microsoft has barely outpaced Meta, which is down 4%; over the last 3 months, however, Meta has soared 30%, with only Microsoft outpacing it at 35%.
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Snap Taps Nvidia AI Stack for $2,195 SPECS Enterprise Glasses
Snap Inc. announced partnerships with Nvidia Corp, Salesforce, Inc. and Amazon Web Services on Wednesday to bring its $2,195 SPECS glasses into enterprise environments, pitching the device as a new computer rather than another pair of smart glasses. Under the deal, Nvidia will bring agents built on its XR AI stack to the glasses, allowing them to interpret a worker's surroundings and provide real-time guidance, while Salesforce's Agentforce can help workers identify objects, retrieve information and update workflows and AWS is connecting its AI assistant to tasks such as checking inventory. Trifork and Hololight are developing applications for remote technical support and spatial workstations. Snap has priced SPECS at $2,195, with shipping expected later this fall in the U.S., U.K. and France, and is also introducing SPECS Intelligence, an anticipatory AI service designed to understand users' goals, routines and priorities across iPhone, Mac and the glasses. CEO Evan Spiegel has described SPECS as a computer that puts computing into the world rather than asking people to look down at a screen, and for Nvidia the key question is whether AR glasses become another endpoint where AI agents need continuous visual understanding and inference.
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Trump to Host Xi for State Dinner With AI Titans as Meta Connect Kicks Off
President Trump will host Chinese leader Xi Jinping this week for their second meeting of 2026, with a state dinner on Thursday set to include OpenAI's Sam Altman and Nvidia's Jensen Huang among confirmed AI attendees. Markets are watching for a continuation of the two countries' trade truce ahead of its November expiration, though touchy subjects like Taiwan and the war with Iran could complicate talks. Meta kicks off its Connect conference on Wednesday, where it is expected to unveil a new version of its glasses, fresh off Snap's foray into the space, and Reuters reports the new wearable may be camera-free. Qualcomm's Snapdragon Summit begins Tuesday in Hawaii, putting the infrastructure side of the AI supply chain in focus. On the earnings front, Costco Wholesale Corporation and Darden Restaurants report Thursday, while KB Home reports Tuesday as mortgage rates surge again. Wall Street will also parse a busy FedSpeak schedule, with New York Fed president John Williams the highlight, alongside Barr, Jefferson, Goolsbee, Barkin, Paulson, and Hammack.