Meta Platforms, Inc. (NASDAQ:META) launched the Meta Enterprise Platform on September 28 as a new business pillar focused on its AI technology stack. The platform will give businesses and developers access to tools such as the Meta Business Agent, Muse Code, Muse Agent, and Muse API. The market quickly interpreted the launch as a competitive threat to enterprise software. The iShares Expanded Tech-Software Sector ETF declined 2%, while ServiceNow, Inc. (NYSE:NOW) fell 5%, monday.com LTD (NASDAQ:MNDY) slid 7%, and MongoDB, Inc. (NASDAQ:MDB) plunged 25%. The response suggests investors are treating Meta as a potential SaaS competitor even before it has proven its ability to attract enterprise customers.
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