Just days after Meta Platforms (META) launched Muse AI, its personal artificial intelligence (AI) agent designed to handle multi-step tasks like shopping for insurance, comparing quotes, switching policies, and canceling old coverage, Wall Street delivered a clear message. Shares of banks, insurers, and travel companies sold off sharply on Sept. 22, with the S&P 500 Financials Index ($SRFI) falling nearly 2% to its lowest level since July.
The narrative was simple. If an AI can secure a cheaper auto policy in minutes, traditional retention advantages and pricing power face a genuine threat.
