Meta's new AI shopping agent Muse has quickly become a test case for agentic commerce. Since its Sept. 8 release, the app has surpassed 5 million downloads and more than 3 million weekly active users, and it briefly displaced ChatGPT atop Apple's U.S. App Store. The shift from generative chatbots that answer questions to agents that complete purchases is prompting investors to sort retail into likely winners and losers.
According to CNBC's Investing Club, the clearest early signal is a sell-off in companies that historically benefit from customer inertia. From Muse's launch through Thursday's close, Planet Fitness fell nearly 12%, Booking Holdings dropped 11%, SiriusXM lost 8.6%, and Charles Schwab declined 9%. Goldman Sachs frames the transition as moving from 'search and shop' to 'delegate and approve.'
Amazon, Costco, and TJX have fared better, with TJX up nearly 8% and Costco up about 4% versus a 1.7% S&P 500 gain. Amazon has the strongest defenses: it has blocked Muse from purchasing directly on its platform, while Walmart, Shopify, and Best Buy have embraced the agent. Amazon's own Alexa for Shopping was used by more than 350 million customers over the past year, and those customers spend over 40% more per order on average.
Still, the source notes that fully agentic shopping is a longer-term prospect. The biggest risk for Amazon may not be losing the sale but losing the customer data and advertising economics that come with direct shopping. Rosenblatt's Scott Devitt and Telsey's Joe Feldman both see outside agents potentially inserting distance between retailers and shoppers, even when the retailer fulfills the order.