Eben@CANSLIM ResearchMorgan Stanley has published “The Morgan Stanley Agentic Playbook,” arguing that Meta Platforms’ (META) newly launched Muse agent is an important development in the agentic AI race and that META, Apple (AAPL), Amazon (AMZN), eBay (EBAY) and Shopify (SHOP) screen as the cleanest winners. The report estimates that 100mn Muse users could add roughly $1.3bn of annual revenue and about $0.35 of EPS — a 1% lift to 2028 EPS — with sensitivity work pointing to 15%+ upside to 2028 EPS in a more aggressive adoption scenario. Morgan Stanley also warns that Alphabet (GOOGL) must ship next-generation agentic products to avoid disruption to its search monetisation model, while online travel agencies look oversold and Chewy (CHWY) and the rideshare industry carry higher disruption risk.
Key Takeaways
- Morgan Stanley’s “The Morgan Stanley Agentic Playbook” identifies META, AAPL, AMZN, EBAY and SHOP as among the cleanest agentic winners, citing scaled distribution and large proprietary data sets.
- Meta’s Muse agent has spent nine consecutive days in the top five most-downloaded apps, offering 100mn free weekly tokens and integrating mobile web browsing to complete transactions.
- Morgan Stanley estimates 100mn Muse users generating five queries a day, 10% monetisable, at an effective CPC of 20% of Google’s, would produce over $1bn in annual revenue and ~$0.35 of EPS.
- The report sizes roughly $30trln of global consumer spend as the addressable market for agentic offerings across advertising, e-commerce, travel, food delivery and rideshare.
- Morgan Stanley flags PTON, CHWY and FIGS as most at risk from agentic disruption, and argues the rideshare industry faces more risk than food delivery or travel because it is more commoditised.
What Morgan Stanley’s Agentic Playbook Says About Meta Muse
In a report titled “The Morgan Stanley Agentic Playbook,” published 18 September 2026, Morgan Stanley equity analyst Brian Nowak and colleagues write that the launch of Meta’s Muse agent, alongside the rising popularity of Instinct, has pushed the agentic debate back to the forefront of internet investing. The team notes that so-called agentic battleground names — the online travel agencies — have fallen 6%–12% over roughly two weeks as fears of agentic disruption have re-ignited.
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