Meta’s Muse launch, Josh is wrong on Netflix, internals weaken, 10-year bonds at 5%, Buffett steps away
September 22, 2026
AI Summary
5 min readMeta didn’t just launch another AI chatbot. It launched Muse, and in three weeks, the company added roughly $450 billion in market capitalization—the equivalent of creating a Costco, or a Procter & Gamble, from scratch. The stock ripped from $578 to $740, a 28% month-to-date surge that rewrote the narrative for a company that, just weeks earlier, had been the worst-performing Mag Seven name alongside Tesla. Josh Brown and Michael Batnick spent most of this episode trying to figure out what that tells us about markets, about betting against Mark Zuckerberg, and about why they both own a stock that won’t stop falling.
Muse, the land grab, and what it means for everything else
Muse landed on September 8th, baked into WhatsApp, Instagram, and Facebook, with a marketing blitz that included NFL game ads. It became the number one free app on both iOS and Google Play for adults, racking up 92,000 downloads in its first six days. The architecture matters: Muse keeps a secure virtual machine for every user, handling browser sessions and tool calls through CPUs rather than routing everything through Nvidia’s GPUs. That technical choice reshuffled the chip trade overnight—ARM Holdings jumped 17%, Qualcomm 9%, and AMD crossed the trillion-dollar market cap threshold for the first time. “This is a land grab,” Batnick said, comparing it to the climax of Far and Away where settlers rac
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What you'll learn
- 1 (03:35) **Meta’s Muse Launch Ignites a Rally** - The hosts introduce Meta’s new AI assistant, Muse, and its massive market impact.
- 2 (11:40) **Amazon Cuts Off Muse; The AI Land Grab Begins** - Discussion of competitive dynamics and the broader implications for the AI assistant market.
- 3 (15:42) **Muse’s Architecture Sparks a CPU Rally** - The unusual technical architecture of Muse reshuffles the AI chip trade, benefiting AMD, Arm, and Qualcomm.
- 4 (19:57) **Breadth Stinks, But It’s Not 1999** - A discussion on the weak market breadth despite the S&P 500 being near all-time highs.
- 5 (26:22) **The AI Trade: Nvidia at 16x Earnings** - The hosts marvel at Nvidia’s valuation, noting the disbelief baked into the price.
- 6 (27:53) **Josh is Wrong on Netflix** - A deep dive into the hosts’ painful position in Netflix, which has been a terrible performer.
- 7 (41:22) **Buy and Hold Doesn’t Work** - Trivariate Research quantifies how difficult it is to beat the market with individual stocks.
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Guests on this episode
Show Notes
Join Downtown Josh Brown and Michael Batnick for another episode of What Are Your Thoughts and see what they have to say about: Meta’s massive rally following the launch of Muse and what it could mean for the AI trade and chip stocks. They also break down weak market breadth near all-time highs, debate Netflix’s brutal drawdown and the bull and bear cases for the stock, look at why buy-and-hold is so difficult for individual stocks, make the case for locking in 5% Treasury yields, Warren Buffett’s legacy, ARKK, Snowflake, and much more.
This episode is sponsored by DBMF, the world’s largest managed futures ETF. Discover why DBMF’s liquid, uncorrelated, managed futures strategy could be what your Alts allocation is missing at www.dbmf.com/WAYT
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Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.
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