Intuit (INTU) Stock: OpenAI Partnership Brings Tax Software to ChatGPT for $100M Annual Deal

TLDR

• Intuit is paying OpenAI over $100 million annually for access to AI models to power features across TurboTax, QuickBooks, Credit Karma, and Mailchimp.
• ChatGPT users can now link their Intuit accounts to handle tax and financial tasks directly inside the chatbot without exposing underlying documents.
• The integration allows users to estimate tax refunds, find credit cards, and generate business insights through ChatGPT with their permission.
• Intuit maintains that user financial data stays within its ecosystem even when accessed through ChatGPT, prioritizing privacy protections.
• OpenAI gains a major finance partner and revenue stream as it works to justify its $500 billion valuation and platform expansion strategy.

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Intuit has inked a multi-year contract with OpenAI worth more than $100 million per year. The deal brings TurboTax, QuickBooks, Credit Karma, and Mailchimp directly into ChatGPT.

Intuit shares jumped more than 3% in premarket trading following the announcement. The partnership marks one of OpenAI’s largest enterprise deals in the financial software space.

Intuit Inc., INTU

The integration works in both directions. Intuit will use OpenAI’s large language models to power AI agents across its product suite through GenOS, its internal AI system.

ChatGPT users can now link their Intuit accounts to the chatbot. They can ask questions and complete financial tasks without leaving the ChatGPT interface.

The system lets users estimate tax refunds, review credit card options, and manage business finances through conversation. Users must grant permission for Intuit to access their financial data.

ChatGPT can guide customers through tasks tied to their TurboTax filings or financial profiles. The chatbot never accesses the underlying documents directly.

Users can authorize Intuit to pull specific data and return customized results. Tasks include finding suitable credit cards, sending marketing messages, or issuing invoice reminders.

Privacy Protections for Financial Data

Privacy concerns loom large when AI handles financial information. Intuit says user data remains within its ecosystem even when accessed through ChatGPT.

Bruce Chan, an Intuit spokesperson, explained the company uses multiple validation methods. They employ large domain-specific datasets to reduce errors or incorrect AI outputs.

Chan confirmed Intuit stands behind accuracy guarantees for its products, including TurboTax. He did not clarify who bears responsibility for errors from AI-generated recommendations.

OpenAI’s Platform Strategy Takes Shape

The deal gives OpenAI a major finance partner and meaningful revenue stream. The company needs to demonstrate growth paths to support its $500 billion valuation and over $1.4 trillion in spending commitments.

OpenAI has signed similar partnerships with PayPal, Shopify, and Walmart. These companies have integrated payments, shopping, and transaction features into ChatGPT.

OpenAI introduced a system in October for developers to build apps accessible through ChatGPT. Early participants included Booking.com, Expedia, and Spotify.

The Intuit integration differs from existing ChatGPT apps. It handles tasks that directly influence financial decisions rather than general information queries.

Intuit has expanded its AI use in recent years. The company introduced Intuit Assist in 2023, an AI assistant working across its products.

Intuit already uses AI models from OpenAI alongside other commercial and open-source options. The new partnership provides access to OpenAI’s frontier models for select AI agents.

The deal includes Intuit’s continued use of ChatGPT Enterprise. The company deploys this internally to support employee workflows.

The partnership gives Intuit access to new audiences through ChatGPT’s distribution channel. This adds another way to reach users of its small-business and consumer finance tools.

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