INTU

Intuit Inc.

Technology · Computer Software / Financial Technology

Very High

BOTTOM LINE

Intuit is arguably the single most AGI-vulnerable large-cap company — every product exists to automate knowledge work that AGI performs natively, and its core customer base of small businesses and freelancers faces severe AGI disruption.

■ BUSINESS OVERVIEW

Intuit is a leading financial software platform company that provides tax preparation, accounting, personal finance, and marketing solutions for consumers, small businesses, and the self-employed. The company's flagship products include TurboTax (consumer tax preparation), QuickBooks (small business accounting and financial management), Credit Karma (personal finance and credit monitoring), and Mailchimp (email marketing and customer engagement). Intuit serves approximately 100 million customers worldwide and has been aggressively integrating AI capabilities across its platform through its 'Intuit Assist' generative AI-powered financial assistant.

REVENUE SOURCES

TurboTax (consumer and professional tax preparation)QuickBooks (small business accounting, payroll, payments, commerce)Credit Karma (personal finance, credit monitoring, financial product marketplace)Mailchimp (email marketing, CRM, audience management)ProConnect Tax / Lacerte (professional tax preparation for accountants)QuickBooks Payments and QuickBooks Capital (fintech services)

PRIMARY CUSTOMERS

Individual consumers filing taxes (approximately 50+ million TurboTax returns), small businesses and self-employed individuals using QuickBooks (over 7 million subscribers), accounting professionals, and consumers using Credit Karma for personal finance (over 40 million monthly active users). Predominantly US-focused but expanding internationally with QuickBooks.

▲ AGI EXPOSURE ANALYSIS

AGI is an existential threat to Intuit's core products. TurboTax exists because tax preparation is complex — AGI eliminates that complexity by understanding tax law perfectly and filing taxes automatically. QuickBooks exists because bookkeeping is tedious — AGI automates accounting, invoicing, and financial management without dedicated software. Credit Karma exists because financial decisions are confusing — AGI provides personalized financial advice natively. Mailchimp exists because marketing requires expertise — AGI generates and optimizes marketing campaigns autonomously. Every single Intuit product line is a knowledge-work automation tool that AGI can perform natively without the product wrapper. Intuit's customers are small businesses, self-employed individuals, and consumer tax filers — demographics heavily exposed to AGI disruption. Small businesses are heavily exposed to AGI disruption, and the self-employed knowledge workers who are Intuit's power users are among the most AGI-vulnerable demographics.

● RISK FACTORS

▸ AGI can prepare taxes without TurboTax — the product's reason for existence disappears
▸ AGI can do bookkeeping and accounting without QuickBooks — the software becomes redundant
▸ AGI financial advisors replace Credit Karma's recommendation engine
▸ AGI marketing tools replace Mailchimp for small business marketing
▸ Small businesses — Intuit's core customers — are among the most AGI-disrupted entities
▸ Self-employed knowledge workers using Intuit products face direct job displacement by AGI
▸ Tax code simplification (potentially accelerated by AGI in government) would destroy TurboTax's value proposition
▸ Accounting profession disruption eliminates the professional accountant channel for QuickBooks

● RESILIENCE FACTORS

▸ Massive customer base and brand recognition in tax and small business finance
▸ Regulatory complexity in taxes and finance may persist even with AGI
▸ Financial data custody and trust — customers may prefer a known brand for sensitive financial data
▸ Intuit's aggressive AI investment could allow it to become the AGI-powered financial platform itself
▸ Network effects in ecosystem (tax prep connects to banking connects to business tools)