Intuit Stock Gains on OpenAI Deal. ChatGPT Is Coming to TurboTax.

Intuit stock has risen about 3.7% this year. (Courtesy Intuit)

Key Points

• Intuit announced a $100 million deal with OpenAI to expand the use of OpenAI’s models within its GenOS AI operating system.
• The partnership allows customers linking accounts to ChatGPT to receive personalized financial advice, including tax and loan assistance.
• Intuit’s stock rose 1.1% to $652.90, increasing its year-to-date gain to 3.7%, despite a 1.1% drop in the S&P 500.

Intuit stock was rising, shrugging off losses in the broader stock market, after the company disclosed a $100 million deal with OpenAI.

Intuit, the owner of TurboTax, said Tuesday that it will be expanding the use of OpenAI’s models in its own artificial-intelligence operating system, GenOS, to help power AI agents across the platform.

Customers who link their accounts to OpenAI’s ChatGPT can now get more personalized answers to specific financial questions, Intuit said. Customers can get help finding a credit card, personal loan or mortgage, get more personalized answers to tax questions, or estimate their tax refund.

“Our partnership combines the power of Intuit’s proprietary financial data, credit models, and AI platform capabilities with OpenAI’s scale and frontier models to give users the financial advantage they need to prosper,” Intuit CEO Sasan Goodarzi said.

Intuit has focused on integrating AI into its platforms to improve the user experience. One example is on TurboTax, where people can use the company’s AI assistant, Intuit Assist, which aims to make the tax filing process simpler and faster.

Tuesday’s announcement comes ahead of Intuit’s fiscal first-quarter earnings report, scheduled for Thursday.

Shares of Intuit were up 1.1% to $652.90, bringing the stock’s gain this year to 3.7% this year. The S&P 500 was 1.1% lower on Tuesday.

OpenAI has announced several partnerships with other software companies in recent weeks. On Sept. 25, the AI firm Databricks announced a multiyear partnership to make OpenAI models available within the Databricks Data Intelligence Platform. Salesforce said on Oct. 14 that it was expanding its partnership with OpenAI and would allow companies to access the Agentforce 360 platform in ChatGPT.

Write to Angela Palumbo at angela.palumbo@dowjones.com