Meta Platforms (-0.6%) appears to have a hit AI product on its hands, but the company’s path to ultimate domination in this next chapter of consumer AI use is anything but assured. Two weeks ago, Meta launched a new, easy-to-use personal AI agent called Muse. The app, which is how users access the agent, has been sitting at No. 1 on Apple’s U.S. App Store since Friday, sending Meta’s stock up 11% Monday. But it is already facing scrutiny over privacy concerns. Amazon.com AMZN in recent days blocked Meta’s AI agent from shopping on its site, and analysts say competitors are expected to launch their own versions of Muse soon. If Meta can hold on to its initial momentum, it stands to benefit massively from a product that could access large swaths of users’ data—from text messages to emails to their calendars—at a time when investors want to see greater returns from the company’s multibillion-dollar spending spree. One estimate from Truist Securities projects that Muse could add $28.5 billion of incremental revenue for the company by 2030.

On Tuesday, the SMI closed virtually unchanged at 13,953 points. Construction sector stocks were in demand and were among the top performers across Europe. Amrize, Holcim, Geberit, and Sika advanced between 1.1 and 3.2 percent. Shares of luxury goods group Richemont edged up slightly amid a broad recovery in the luxury goods sector, adding 0.4 percent. They also benefited from a positive analyst comment; RBC counts Richemont among its favorites in the sector. On the losing side was UBS, down 3.4 percent. The debate over banking regulation in Switzerland continued to weigh on the stock. Among smaller caps, Kühne + Nagel rose 2.9 percent. The stock benefited once again from its partnership with Amazon, as well as from the continued decline in oil prices.

Europa
European stock markets closed little changed on Tuesday. According to MarketWatch data, the Stoxx Europe 600 index edged up 0.1% to 642.8 points. In Paris, the CAC 40 and the SBF 120 each gained 0.2%. In Frankfurt, the DAX 40 ended virtually unchanged, while the FTSE 100 fell 0.2% in London. VUSION (+13.7%): The electronic label specialist confirmed its revenue and profitability targets for 2026 on Monday evening, after reporting strong growth in its first-half results. ABIVAX (-4.7%): The inflammatory bowel disease specialist saw its net loss widen in the first half of the year but noted that its July capital increase ensured it had ample liquidity to fund operations through the fourth quarter of 2029. BUREAU VERITAS (+2.4%): the certification and quality control group indicated on Tuesday that it plans to accelerate its external growth as part of the update to its LEAP 28 plan. Acquisitions are expected to enable the group to achieve double-digit annual revenue growth for the 2027–2028 period, at constant exchange rates, compared with a previous “high single-digit” growth target.

Stati Uniti
U.S. stocks were mixed as buzz about artificial-intelligence products propelled large tech companies to more record highs even as energy inflation fears lingered. The Dow Jones Industrial Average slipped 185.14 points, or 0.36%, to 51863.69. The S&P 500 was nearly unchanged, falling 0.06 point to 7764.64. The tech-heavy Nasdaq Composite, meanwhile, rose 122.18 points, or 0.45% to 27244.28, another record high. Shares of online-store technology provider Shopify SHOP rose 7.1% to $147.74 after it struck a deal to incorporate Muse into its offerings to retailers. Viking Therapeutics VKTX soared 36% to $40.85, logging its biggest gain since 2024. A study showed that patients taking its weight-loss injection could keep weight off even when switching to less frequent doses. Shares of rival obesity drug maker Novo Nordisk NOVO.B slipped as competition in the popular GLP-1 category intensified. AutoZone AZO shares climbed 3.2% to $2894.73. The after-market auto-parts retailer posted quarterly sales growth, boosted by new store openings and growth at existing locations. Shares of recreational-vehicle maker Thor Industries THO increased by 5.5%, the most in almost three months, to $73.80, after a slowdown in quarterly sales was not as bad as some investors had anticipated.

Asia
U.S. stocks were mixed as buzz about artificial-intelligence products propelled large tech companies to more record highs even as energy inflation fears lingered. The Dow Jones Industrial Average slipped 185.14 points, or 0.36%, to 51863.69. The S&P 500 was nearly unchanged, falling 0.06 point to 7764.64. The tech-heavy Nasdaq Composite, meanwhile, rose 122.18 points, or 0.45% to 27244.28, another record high. Shares of online-store technology provider Shopify SHOP rose 7.1% to $147.74 after it struck a deal to incorporate Muse into its offerings to retailers. Viking Therapeutics VKTX soared 36% to $40.85, logging its biggest gain since 2024. A study showed that patients taking its weight-loss injection could keep weight off even when switching to less frequent doses. Shares of rival obesity drug maker Novo Nordisk NOVO.B slipped as competition in the popular GLP-1 category intensified. AutoZone AZO shares climbed 3.2% to $2894.73. The after-market auto-parts retailer posted quarterly sales growth, boosted by new store openings and growth at existing locations. Shares of recreational-vehicle maker Thor Industries THO increased by 5.5%, the most in almost three months, to $73.80, after a slowdown in quarterly sales was not as bad as some investors had anticipated.

Obbligazioni
Long-dated U.S. government debt yields edged higher on Tuesday. The 10-year Treasury note yield added 0.004 percentage point to 4.966%. The yield on the 30-year bond rose 0.006 percentage point to 5.302%, closing six basis points below multiyear highs. The 2-year Treasury note yield however declined 0.001 percentage point to 4.749%.

Analisi
ABB Price Target: Deutsche Bank raises to 76 (74) CHF - Hold
Sandoz Price Target: Octavian increases to 73 (66) CHF - Hold
Kühne+Nagel Price Target: Kepler Cheuvreux raises to 250 (215) CHF - Buy


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