Topline
Tax software provider Intuit on Tuesday announced it would pay OpenAI more than $100 million annually to integrate its financial apps with ChatGPT, marking the latest deal in recent months to combine widely used applications with the chatbot.
The popular chatbot has integrated several applications in similar deals in recent months, including PayPal, Walmart and Spotify.
getty
Key Facts
Intuit’s multiyear partnership with OpenAI allows the ChatGPT maker’s models to power AI agents across Intuit’s platforms, including TurboTax, Credit Karma and Mailchimp, which will each be accessible through ChatGPT, the companies said in a statement.
ChatGPT users will be able to ask questions and complete tasks like estimating tax refunds, reviewing credit options, or managing business finances, the companies said, and Intuit’s apps will be able to access financial data to generate responses and complete tasks like sending marketing messages.
The deal also covers Intuit’s use of ChatGPT Enterprise, which Intuit said is used to support employee workflows.
Shares of Intuit rose more than 2% to around $660 as trading opened Tuesday, adding roughly $4 billion to the company’s market cap ($184 billion).
Key Background
OpenAI CEO Sam Altman announced last month the company’s ChatGPT would provide direct access to third-party apps while using the chatbot. Altman said at the time a ChatGPT user could ask the chatbot to create a playlist for a party or receive music recommendations through Spotify, or request a specific style of home in a neighborhood through Zillow. Other third-party apps have since inked deals to integrate with ChatGPT, including PayPal, which said it would allow users to pay for items found through the chatbot, and Walmart, which said it would allow shoppers to buy items directly through ChatGPT. Those deals are expected to add significant value to OpenAI’s revenue: Altman estimated annualized revenue will hit $20 billion by the end of 2025 before growing to “hundreds of billions” by 2030, with plans to spend $1.4 trillion on AI infrastructure.