Meta Platforms Inc. is finally seeing the stock breakout that beleaguered bulls had been banking on. The Facebook parent’s shares have jumped 36% in September following the release of its Muse personal AI assistant, which has risen quickly to the top of app charts and muffled concerns that heavy spending on AI won’t pay off. The stock is on pace for its best month since July 2013 and a roughly 1% gain away from joining an elite group of companies worth at least $2 trillion.

“Muse clearly validates its AI strategy and position, after a year and a half where the stock was basically flat because people didn’t know if AI was going to be a net positive or a net negative,” said Rob Biederman, co-founder and managing partner at Asymmetric Capital Partners. This month’s rally has marked a dramatic reversal for Meta, whose shares struggled for much of the year amid doubts about its costly AI efforts and legal risks.

The recovery began after Meta agreed late last month to pay as much as $18 billion to settle a social-media lawsuit. But the biggest factor is excitement about new AI products. Already, Meta has announced a grocery-selling partnership with Instacart-owner Maplebear Inc., as well as one with online travel agency Expedia Inc. At an event on Wednesday, Meta unveiled a number of products that analysts praised.

“There’s still meaningful upside potential as Meta is in the early stages of releasing frontier models and AI-driven products beyond advertising,” JPMorgan analyst Doug Anmuth wrote in a Sept. 10 note. Of course, Meta still has a long way to go to proving it can make enough money from its AI efforts to justify the vast expense. Capital spending is expected to be nearly $140 billion this year.