Bernstein: $800 target, Muse is Meta's 'AI operating system'
Bernstein's Oct 20 report reframes Muse: not another chat app but Meta's AI operating system — the first consumer product making AI capex trackable. Notes ~2.5M US DAU and a top-1 App Store launch, sets an $800 target (~13% upside), but warns near-term expectations already outrun delivery and Q3 EBIT carries a $10B legal settlement.