AMD hits $1 trillion; Meta's Muse tops App Store

Monday's moves came as enthusiasm around artificial intelligence returned in force, lifting two of the market's biggest mega-caps. AMD's surge reflects growing confidence that the chipmaker can capture a larger portion of the booming AI-compute market alongside Nvidia. Beyond its Instinct AI accelerators, AMD is benefiting from strengthening demand for server CPUs, which play an important role in AI inference and agentic workloads.

The narrative received another boost from the rapid adoption of Meta's Muse. More capable AI agents could require substantially greater CPU resources, potentially expanding the addressable market for AMD's EPYC server processors. AMD has also been accelerating its AI product cadence and expanding from individual chips toward more complete data-center systems.

Meta's rally has a more company-specific catalyst. Muse, launched earlier this month, quickly became the top free app in Apple's U.S. App Store, strengthening hopes that Meta can turn its enormous AI spending into new consumer products and eventually additional revenue streams. The enthusiasm is particularly meaningful because Meta has faced persistent questions over whether its enormous AI infrastructure investments will generate adequate returns. Muse's early traction gives investors a tangible example of how that spending could extend Meta beyond its core advertising business. Whether that early app-store ranking can convert into durable revenue — and whether AMD's record run can hold given how much optimism is already priced in — is likely what determines how far these rallies extend.