Meta shares have jumped sharply since late August, and the case for more upside rests on the idea that the stock is still cheap for what the company is building.

• Meta has climbed from the mid-$500s in late August to over $700, beating a $700 target set for this week.
• The company's new Muse product, which brings AI agents to ordinary users, has gone viral and is being pushed hard with ads and creator partnerships.
• Amazon blocking Muse-style bots is being read as a sign the product works, since bans tend to draw more attention.
• Scale is the core argument: Meta reaches 3.2 billion daily users versus about 400 million monthly for X's Grok.
• AI agents hurt advertising for order-taking apps like DoorDash and Wingstop, but make ads on Facebook, X, YouTube, and Netflix more valuable because a real person is still watching.

Outlook: Meta is seen as still undervalued at current prices, with the agent push expected to keep feeding its advertising business.