๐ก๐ผ๐ป๐ฒ ๐ผ๐ณ ๐๐ ๐๐ฎ๐ฑ ๐๐ผ ๐๐ผ ๐๐ถ๐๐ต #๐๐
For three decades, TurboTax made one promise: a human-guided product that gets Americans through the most stressful document of their year. Intuit built a $14 billion company on that promise. Forty million tax returns filed annually. The category is stable. Nobody replaces TurboTax.
On May 20, 2026, Intuit cut 3,000 people. Seventeen percent of the company. CEO Sasan Goodarzi appeared on CNBC's Mad Money that day. Jim Cramer asked the obvious question.
"None of it had to do with AI," Goodarzi said. "Everything was about how do we become more effective."
The internal memo told employees something different. The cuts were designed to "reduce complexity and deliver better AI products."
Two statements. One man. One camera.
Intuit had already signed multi-year agreements with both OpenAI and Anthropic. The partnerships were meant to bring TurboTax capabilities into ChatGPT and Claude. Intuit's subscription revenue flows to OpenAI. OpenAI builds better models. The models do more.
Seven days after Goodarzi told Cramer it had nothing to do with AI, OpenAI published a case study. A company called Thrive Holdings had spent six months with OpenAI's engineers co-building a tax agent using Codex. The agent processed 7,000 returns across 30 accounting firms. It reached 97% accuracy. Throughput rose 50%. OpenAI had held equity in Thrive since December 2025.
Intuit signed the deal with OpenAI. OpenAI used the partnership to build the competitor.
The CEO cut 3,000 people to fund a partnership. The partnership funded the replacement.
Intuit's stock fell 20.6% the day of the announcement.
The CEO told his employees the truth. He told the rest of us something else.
https://www.cnbc.com/2026/05/20/intuit-ceo-says-companys-17percent-workforce-cut-had-nothing-to-do-with-ai.html
For three decades, TurboTax made one promise: a human-guided product that gets Americans through the most stressful document of their year. Intuit built a $14 billion company on that promise. Forty million tax returns filed annually. The category is stable. Nobody replaces TurboTax.
On May 20, 2026, Intuit cut 3,000 people. Seventeen percent of the company. CEO Sasan Goodarzi appeared on CNBC's Mad Money that day. Jim Cramer asked the obvious question.
"None of it had to do with AI," Goodarzi said. "Everything was about how do we become more effective."
The internal memo told employees something different. The cuts were designed to "reduce complexity and deliver better AI products."
Two statements. One man. One camera.
Intuit had already signed multi-year agreements with both OpenAI and Anthropic. The partnerships were meant to bring TurboTax capabilities into ChatGPT and Claude. Intuit's subscription revenue flows to OpenAI. OpenAI builds better models. The models do more.
Seven days after Goodarzi told Cramer it had nothing to do with AI, OpenAI published a case study. A company called Thrive Holdings had spent six months with OpenAI's engineers co-building a tax agent using Codex. The agent processed 7,000 returns across 30 accounting firms. It reached 97% accuracy. Throughput rose 50%. OpenAI had held equity in Thrive since December 2025.
Intuit signed the deal with OpenAI. OpenAI used the partnership to build the competitor.
The CEO cut 3,000 people to fund a partnership. The partnership funded the replacement.
Intuit's stock fell 20.6% the day of the announcement.
The CEO told his employees the truth. He told the rest of us something else.
https://www.cnbc.com/2026/05/20/intuit-ceo-says-companys-17percent-workforce-cut-had-nothing-to-do-with-ai.html