New York, Feb 4, 2026, 18:14 (ET) — After-hours
Intuit Inc shares closed up 2.7% at $445.64 on Wednesday, clawing back some ground after a sharp selloff a day earlier. The Nasdaq-listed stock ranged from $411.48 to $450.33.
The stock sank 11% on Tuesday as investors rushed out of software names on worries that rapidly advancing artificial intelligence (AI) could squeeze prices and margins. The slide followed Anthropic’s launch of a legal tool for its Claude chatbot and hit Salesforce, Adobe and Datadog; “We’re looking at a lot of software names, and it’s across the spectrum, get hit,” said Art Hogan, chief market strategist at B. Riley Wealth. (Reuters)
That fear has not gone away. The S&P 500 software and services index slipped again and Reuters estimated the group has shed about $830 billion in market value since Jan. 28, as investors question whether AI can gut the “application layer” — the software apps companies sell to businesses; the S&P 500 fell 0.51% and the Nasdaq dropped 1.51%. “The selloff is a manifestation of an awakening to the disruptive power of AI,” said James St Aubin, chief investment officer at Ocean Park Asset Management, while Nvidia CEO Jensen Huang called the idea that AI will replace software “illogical.” (Reuters)
Analyst notes have also fed the debate over what software is worth in a faster-AI world. Oppenheimer cut its price target on Intuit to $696 from $868 on Tuesday, MT Newswires reported. (MarketScreener)
Intuit, which sells TurboTax, Credit Karma, QuickBooks and Mailchimp, said earlier on Wednesday that Mailchimp published a report on email and SMS (text message) sign-ups, or opt-ins. The report said 39% of Gen Z assume brands will follow privacy laws, compared with 19% among Baby Boomers. (Intuit Inc.)
On Tuesday, Intuit said it would partner with the NFL and the San Francisco 49ers Foundation during Super Bowl week to promote financial literacy. Its “Hour of Finance” challenge runs Feb. 23 through April 15, the company said. (Intuit Inc.)
The gain snapped a seven-session losing streak, but the stock was still about 45% below its 52-week high. Volume jumped to about 7 million shares, nearly triple its 50-day average, MarketWatch data showed. (MarketWatch)
But the rebound is fragile. Another leg down in software — or a fresh AI product that makes customers rethink budgets — could push INTU back toward this week’s lows.
Investors now look to Feb. 26, when Intuit is due to hold its second-quarter results conference call at 4:30 p.m. ET. (Intuit Inc.)
