Does being an early adopter to AI protect a company in an AI-induced market panic?
Apparently not, based on the experience of Intuit, best known for TurboTax and QuickBooks—and the worst performing stock in the S&P 500 as this year opened. It was a twist in fate for the software company: Intuit is a big name in tax and personal accounting software, and its stock is Wall Street royalty, smashing the S&P Index over the company’s 33 years as a publicly traded company. But in January and February, even as tax preparation season began, it took a drubbing in a market scare—the so-called SaaSpocalypse. Investors were suddenly gripped with the fear that AI would annihilate software companies of every kind.
