Key Takeaways
- JPMorgan Chase has blocked outside AI agents, Muse included, from retail accounts since Oct. 13.
- Chase’s block covers account access, not checkout, so store blocks are the bigger threat to Muse’s fees.
- AI spending pushed third-quarter free cash flow below zero.
- At 19x forward earnings, below its three-year average of 23x, Meta stock prices in little for Muse.
Meta Platforms (META) wants Muse to shop, book and pay for you. JPMorgan Chase (JPM) won’t let it act inside your bank account.
Since Oct. 13, the bank has blocked outside AI agents, Muse included, from operating on behalf of retail customers. Signal president Meredith Whittaker gave her read on why in an Open to Debate episode published Nov. 6:
“Chase Bank just blocked Muse because they cannot authenticate that it’s an actual user using the bank with that extremely personal information, or whether it’s an agent that’s been prompt-injected to, like, take that information, and they see the liability concerns as too high.”
Later, she called Muse “a thing installed on your phone that looks a lot more like malware than it does like traditional software.”
Banks Have Reasons to Keep Muse Out
Whittaker said one user asked Muse to manage their Facebook Marketplace listings, and “we had a person show up to someone else’s house because Muse had given that person the address.” Her opponent, Neil Chilson, countered that Muse runs on an isolated computer in Meta’s cloud.
For banks, the first question is who pays when an agent gets something wrong. On JPMorgan’s Oct. 13 earnings call, CEO Jamie Dimon said customers using agents “should understand the risk. There’s a liability transfer.”
There’s a business reason, too. Steve Eisman noted on The Real Eisman Playbook that an agent could sweep cash above a set amount from checking into a money market fund, draining deposits. “You don’t have the luxury of destroying your franchise,” he said.
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Muse Gets Paid at Checkout
More than 10 million people in the US and Canada set Muse up in its first six weeks, Meta said on its third-quarter call. About a quarter use it on any given day, and more than a quarter of weekly actives shop with it, averaging over $200 a purchase, travel included.
Zuckerberg wants Muse free for most people, with businesses paying Meta a fee on transactions it helps complete. Subscriptions come first, and chief AI officer Alexandr Wang told Nikkei Asia there are no plans for ads inside Muse. Checkout doesn’t need a bank login: Muse pays through Stripe’s Link with a saved card or a single-use virtual card. Stores matter more for fees, and Amazon, Neiman Marcus and Kohl’s have moved to block personal agents, as has Charles Schwab.
Wall Street expects revenue to grow from $201 billion in 2025 to $373 billion in 2028:
Ads brought in 97.6% of 2025 revenue, so the blocks shouldn’t move those estimates much.
Meta Needs Muse to Pay Its Way
Management expects total serving costs to rise as Muse grows, even as it targets a tenfold-plus gain in compute efficiency next year. Free cash flow ran between $19.3 billion and $54.1 billion a year from 2021 to 2025:
In the third quarter, though, capex of $34.9 billion topped operating cash flow of $32.8 billion. Analysts expect free cash flow of negative $9.6 billion for 2026 and negative $43.3 billion for 2027.
Meta Stock Isn’t Priced for Muse
Meta trades at 19x forward earnings, below its three-year average of 23x, after peaking at 29x in February 2025 and bottoming at 16x this July:
Chase’s block costs Muse its money-management pitch at Chase, not its checkout fees, and barely matters for Meta stock. Ads pay the bills, and at 19x the stock doesn’t need Muse to work. Store blocks are the bigger threat to fees, and JPMorgan has given no timeline for letting outside agents into accounts. The fourth-quarter call, when Meta gives its 2027 outlook, is the next chance to see Muse revenue.
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Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
