Intuit Stock Plummets to 2023 Lows Amid Growing AI Disruption Fears

Intuit (INTU) shares have entered a significant downturn, trading at $380, their lowest level since March 2023. The stock has now shed over 52% of its value from its previous peak, reflecting intense selling pressure ahead of its upcoming earnings report. This decline has wiped out more than half of the company's market capitalization, which plummeted from $224 billion to $109 billion. The sell-off is driven by a broader retreat in the software industry and specific anxieties regarding the impact of generative AI. Investors are increasingly concerned that AI tools from competitors like OpenAI and Anthropic could diminish long-term demand for Intuit's core financial software products.