Intuit shares gain on OpenAI partnership to create financial apps

Investing.com -- Intuit Inc shares are trading roughly 6% higher in pre-market on Tuesday after announcing a multi-year strategic partnership with OpenAI to develop financial intelligence applications within ChatGPT.

The collaboration will allow ChatGPT users to take financial actions through Intuit-powered apps directly within the ChatGPT interface. These apps will provide personalized financial insights and recommendations based on users’ financial data and behaviors.

"We are taking a massive step forward to fuel financial success for consumers and businesses, unlocking growth for both companies," said Sasan Goodarzi, CEO of Intuit.

For consumers, the apps will help with decisions like finding suitable credit cards, personal loans, or mortgages based on spending patterns and approval odds. Users can also get personalized tax answers, estimate refunds, and schedule time with AI-powered tax experts.

Business users will receive insights to increase revenue and profitability based on real-time business data, create targeted marketing campaigns, improve cash flow management, and access tailored loan options.

Fidji Simo, CEO of Applications at OpenAI, stated, "This partnership combines our most advanced models and global scale with Intuit’s platform capabilities to help everyone make smarter financial decisions and build more secure futures."

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