Meta launched Muse on Sep. 8. Each Muse runs on a dedicated virtual machine, the Muse Secure VM, which stores both the agent and user data. Long-running jobs keep executing even after the app is closed, then re-engage the user when something changes or an approval is needed.

$Meta Platforms(META.US) Since Muse's US launch on Sept 8, it has been live for over two weeks. Dolphin Research shared an initial quick take, but as user reviews piled up, interest stayed high in recent days. As of today, Muse still ranks No.1 on the iOS US free download chart.

Hi everyone, this is Dolphin Research. As the spark for the latest 'excess compute, supply chain peak' narrative, $Meta Platforms(META.US) posted results likely to disappoint all sides.

Meta 2Q26 Earnings call

After $Meta Platforms(META.US) began weighing compute leasing, it stoked worries that the compute supply chain may be peaking. While the market debated whether this was a stopgap or a long-term strategy, Meta answered with three concrete moves: it is serious about the compute biz.

Expanding data centers is the most straightforward prep. Mass-producing in-house ASICs aims to cut cost and lift ROI.

The newly launched LLM, Muse Spark 1.1, is the true upside surprise in Dolphin Research's view. These three changes will likely push near-term Capex higher...

Last week, Bloomberg reported that $Meta Platforms(META.US) is building a cloud infra biz and plans to lease compute externally.

The following is a transcript of the FY26Q1 earnings call for $Meta Platforms(META.US), compiled by Dolphin Research.

Hi everyone, this is Dolphin Research! $Meta Platforms(META.US) Q1 itself was not the problem; the issue is that the new guidance failed to ease fears of margin erosion. That diverged from pre-earnings chatter about tighter cost controls, which had led investors to expect spending cuts.

Is North America's power shortage a near- to mid-term supply-demand mismatch? Or a long-term structural issue?

Below is Dolphin Research's summary of the analyst follow-up session with $Meta Platforms(META.US) after the earnings call. The meeting was conducted as a Q&A.