AI Agents Are Upending a Big Slice of the Stock Market - Bloomberg

AI agents like Meta’s Muse are disrupting industries reliant on consumer inertia, including banking, travel, and fitness. The Nasdaq 100 hit a record, up 22% this year, as Muse topped app download charts. Financial shares fell: JPMorgan and Wells Fargo dropped over 3%, Allstate and Charles Schwab around 6%, Booking Holdings slipped 2.6%, and Planet Fitness sank 9.5%. Goldman traders warn AI agents improving at price comparison, trip booking, and customer service could pressure recurring-revenue models. Rhys Williams of Wayve Capital Management called Muse “no doubt a negative” for such firms, predicting widespread agent adoption in two years. Pimco, managing $2.3 trillion, trimmed its underweight position on long-term US Treasuries as yields neared two-decade highs above 5%, citing better value in inflation-adjusted returns. Daniel Ivascyn, Pimco’s CIO, noted improved relative value despite fiscal concerns. The trend echoes earlier AI disruption fears from February, but Meta’s broad-market Muse app makes this feel more tangible to investors.