Is making a deal with AI the deal of the century or a deal with the devil? Software maker Intuit (NASDAQ:INTU) found out it might come with a whiff of brimstone as investors sent share prices down fractionally in Thursday afternoon’s trading. Intuit set up a new deal with OpenAI to put some of its tools to work in Intuit’s operation.
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Intuit has been considering adding AI to its operations, but now, it’s advancing forward into specifics instead of just a generalized overview. The result of Intuit’s work with OpenAI should see AI functions added to financial tools geared toward not only small businesses but also regular consumers. Intuit looks to add AI functionality to not only TurboTax but also QuickBooks, Credit Karma, and even Mailchimp.
While it’s unclear just what these tools will look like as yet, or when they will be available, Intuit’s Chief Data Officer notes that it should be a matter of “sooner rather than later.” Intuit was previously spotted working with AI in other ways, stepping up its GenOS system to accommodate financial large language models (LLMs) to focus on specific issues, like solving cash flow or tax issues. Further, Intuit is looking to branch out harder into the consumer market, bringing Mark Notarainni to the new head of its Consumer Group starting August 1. Notarainni previously served as Intuit’s Chief Customer Success Officer, making him a sound pick for the position.
All of this together cements analysts’ position on Intuit. Currently, Intuit stock is considered a Strong Buy, supported by 16 Buy ratings and just one Hold. Further, Intuit stock offers its investors 11.83% upside potential thanks to its average price target of $509.69 per share.
