Meta Connect 2026: What Zuckerberg's Keynote Delivered to Investors

Meta CEO Mark Zuckerberg held the keynote for Meta Connect 2026 on September 23, 2026 at 4:00 p.m. Pacific Time (1:00 a.m. CEST) in Menlo Park. Investors expected product announcements for new Smart Glasses and mixed-reality hardware, plus details on the strategic direction of the AI agent Muse, which has been available since September 8, 2026. The following sections reflect the expectations ahead of the keynote; what Meta actually introduced appears at the end of the article.

Expected hardware announcements in focus

According to media reports from September 22, Zuckerberg was to present new generations of Ray-Ban Meta and Oakley Meta Smart Glasses. Additionally, camera-free glasses models could be presented – a response to growing privacy concerns about AI-enabled wearables. Pricing was likely to be pressured by an ongoing RAM shortage.

The mixed-reality headset "Project Phoenix" could receive a preview but is expected to ship in 2027 according to available information. Analysts see the hardware updates primarily as a means to integrate Muse, Meta's new AI agent.

Muse as the strategic cornerstone

Muse, launched on September 8, 2026, is an AI agent for multi-step tasks – from filling out forms to organizing inboxes. According to Sensor Tower, the product recorded 730,000 downloads in its first five days, over 2.5 million by day 13, and surpassed ChatGPT as the most-downloaded free iOS app in the US.

The keynote was expected to provide details on Muse's cross-device integration. The agent is based on Meta's Muse Spark model family and positions itself as a standalone tool, not a chatbot. However, uncertainties remain: Amazon already blocked Muse from accessing its shopping platform – an indication of potential privacy and security hurdles. Whether the initial popularity will persist remains open; multiple AI products have seen declining engagement after strong launches.

Stock price reacts before the event

Meta's stock rose more than 11 percent on September 21, after gaining only around 2 percent since the beginning of the year. The jump coincided with strong tech sector performance and enthusiasm for Muse. Since early 2026, the stock is up around 12 percent – the majority of that came from the recent surge.

Option prices signaled an expected move of up to 4.5 percent in both directions by end of week ahead of the keynote, based on the closing price of $741.25 on September 21 – corresponding to a range of approximately $708 to $774. The stock actually closed at $736.60 on September 22, at $744.10 on keynote day, and on September 24 with a gain of 4.5 percent at $777.59, exceeding the upper end of the expected range; on September 25 it fell back to $751.66.

Analyst ratings and price targets

Citi rates Meta as "Buy" with a price target of $800. JPMorgan upgraded the stock in early September from "Neutral" to "Overweight" and raised the price target from $640 to $820 – justified by "significant upside potential" through AI-driven offerings. KeyBanc raised the target on September 23 from $780 to $900.

The analyst majority relies on Meta's large user base across Facebook, Instagram, and WhatsApp as a competitive advantage in monetizing AI products. The expectation: The keynote delivers concrete roadmap updates that could serve as a stock driver.

Capital expenditures and strategic challenges

Meta plans capital expenditures between $130 and $145 billion for 2026. In the second quarter of 2026 alone, more than $31 billion flowed into expanding computing infrastructure. Total costs are expected to be between $165 and $169 billion.

On July 29, 2026, Zuckerberg outlined a strategic dilemma: Should Meta sell excess AI computing capacity or retain it for its own purposes? This question also loomed before the keynote, as it directly impacts long-term margin dynamics.

Privacy as a market risk

Growing rejection of AI-enabled glasses due to privacy concerns is evident in the announced introduction of camera-free models. Muse is also under scrutiny: security questions could slow adoption, especially as the product was only two weeks old at the report date.

What investors should expect from the keynote

The keynote offers insights into three areas: hardware roadmap, Muse integration, and infrastructure strategy. Concrete figures on Muse user development, monetization details, and statements on capacity utilization are likely to be decisive for stock movements in the coming days.

Investors should also pay attention to language regarding margin development – given the enormous capital expenditures and uncertainty about whether Muse will become a lasting engagement driver. The question of whether Meta monetizes excess AI capacity or reserves it for its own products remains a key issue for medium-term profitability.

What Meta actually introduced

The keynote took place on September 23, 2026. Meta showed the Meta VR Glasses for $1,300 with 100-gram weight, 5K display and color passthrough, connected to an external puck; shipment is scheduled for spring 2027, with 75 games available at launch. For glasses, the Ray-Ban Meta Gen 3 starting at $449 (immediately available), camera-free Ray-Ban Meta Audio starting at $349 (from October 13, 2026), updates for the Meta Ray-Ban Display at $799, and the house brand Meta Adventurer starting at $249 (shipping from October 23, 2026) were added. A hearing support feature will be offered for $149 or as part of the Meta One subscription.

For Muse, Meta announced new features, connectors, and a new model, as well as expansion of the agent to the glasses platform. Additionally, Meta briefly showed the Muse Charm, a keychain-sized device with a small display, speakers, microphones, and fingerprint sensor; the company provided further details for a later point in 2026. The expected preview of a mixed-reality headset thus materialized in the form of the Meta VR Glasses, which will actually ship in 2027. Meta did not provide concrete new figures regarding Muse monetization or capacity utilization at the event.