Intuit has projected stronger-than-expected third-quarter revenue, driven by growing demand for its AI-powered financial services and a busy US tax season.
The company’s optimistic forecast sent its shares up nearly 5% in extended trading. Chief Financial Officer Sandeep Aujla expressed confidence in the firm’s performance, highlighting a strong start to the tax season.
The company, known for TurboTax, QuickBooks, and Credit Karma, has been expanding its use of AI to enhance financial management and automation.
Intuit Assist, its AI-powered assistant, is integrated across its products to provide personalised financial recommendations and streamline tasks like bookkeeping. The firm recently launched an AI tool for QuickBooks to help small businesses manage tax and financial operations more efficiently.
Revenue for the second quarter reached $3.96 billion, surpassing Wall Street estimates, while adjusted earnings per share also exceeded expectations.
For the third quarter, Intuit expects revenue between $7.55 billion and $7.60 billion, above analysts’ projections. However, its forecasted adjusted profit per share of $10.89 to $10.95 fell short of estimates. Despite this, the company reiterated its confidence in its full-year outlook.
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Quora has unveiled a new feature on its Poe platform that allows users to create custom AI-powered applications. Named Poe Apps, the tool enables users to describe the app they want to build, and it generates the necessary code, powered by Anthropic’s Claude 3.7 Sonnet. The apps can integrate various AI models, such as OpenAI’s o3-mini or Google’s Veo 2, allowing for personalised functionality.
Once created, these apps can be run alongside Poe’s chatbot window or function as standalone web apps, with the option to adjust the underlying code manually. Poe Apps can currently be shared with other users on the web, with iOS and Android versions expected soon. While free users get a daily points allotment to use the models, premium subscribers have access to more flexible packages.
Quora has also hinted at future monetisation options for app creators, expanding the potential of Poe Apps. With this new feature, Quora is not only enabling the creation of unique apps but also setting the stage for users to earn from their AI-driven innovations.
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Meta Platforms is reportedly in talks to build a new data centre campus for its AI projects, potentially costing over $200 billion, according to sources familiar with the matter. The company is considering locations in states like Louisiana, Wyoming, and Texas, with senior executives visiting potential sites this month.
This comes as the AI sector sees a surge in investment, especially following the launch of Microsoft-backed OpenAI’s ChatGPT in 2022. Companies are eager to incorporate AI into their products, leading to significant spending on AI infrastructure.
Despite the report, a Meta spokesperson denied the claims, stating that its data centre plans and capital expenditures have already been disclosed and calling the rest ‘pure speculation’. Meta’s CEO, Mark Zuckerberg, had previously mentioned that the company plans to invest up to $65 billion this year to expand its AI infrastructure.
In comparison, Microsoft has pledged around $80 billion in data centre investments for fiscal 2025, while Amazon has indicated its 2025 spending could exceed $75 billion.
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European AI-related stocks declined for a second consecutive day on Tuesday, as concerns over Microsoft‘s data centre expansion dampened investor sentiment.
A recent analyst note suggested Microsoft had cancelled major US data centre leases, raising questions about its AI and cloud investment strategy. The uncertainty comes ahead of Nvidia’s upcoming earnings report, which is expected to provide insight into the strength of AI demand.
Companies exposed to data centres and infrastructure saw significant losses, with Germany‘s Siemens Energy and France‘s Schneider Electric continuing their declines from Monday.
Italian cable manufacturer Prysmian and Swiss engineering firm ABB also suffered losses as analysts debated whether Microsoft’s actions signalled a broader trend or a temporary reassessment. Microsoft has maintained that its AI and cloud expansion plans remain unchanged.
Market analysts remain divided, with some viewing the selloff as an overreaction and a potential buying opportunity. The volatility follows last month’s global tech downturn triggered by China‘s low-cost AI model, DeepSeek.
Nvidia’s earnings on Wednesday will be closely watched as investors assess whether AI-related stocks can sustain their high valuations in the face of shifting market dynamics.
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Apple is set to begin selling its iPhone 16 in Indonesia following a new agreement with the government, which includes the establishment of a manufacturing plant and a research and development centre. The country’s industry minister, Agus Gumiwang Kartasasmita, confirmed on Wednesday that Apple would soon receive the required local content certificate to allow sales of the device. However, he did not specify when the certificate would be issued.
Indonesia had previously banned the iPhone 16 due to Apple’s failure to meet the local content requirement, which mandates that a certain percentage of parts must be sourced domestically or through local partnerships. Although Apple has no manufacturing facilities in Indonesia, it has been operating developer academies in the country since 2018. Indonesia, with its population of 280 million, is keen to attract more tech-related investment.
Analysts have warned that the local content ban could harm investor confidence and fuel concerns about protectionism, but the new agreements between Apple and the Indonesian government may help address these issues.
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Adobe has launched Photoshop on mobile phones for the first time, introducing both a free version and a premium subscription priced at $7.99 per month. Previously, the lowest-cost subscription was $9.99 per month for iPad users.
The app is now available on Apple’s iPhone, with an Android version expected soon.
The move comes as smartphone operating systems increasingly offer built-in photo editing features similar to Photoshop. Adobe aims to attract younger users who rely on their phones for photography and content creation.
Even the free version includes features such as layer editing, masking, and text tools, making it useful for creating social media content, podcast covers, and video thumbnails.
Adobe‘s creative software remains a major source of revenue, despite missing Wall Street expectations in its 2025 forecast.
Deepa Subramaniam, Adobe’s vice president of product marketing, said the company designed the mobile app specifically for next-generation creators who use their phones as their primary editing tool.
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Europe’s top court has ruled that Google’s decision to block an Enel e-mobility app from Android Auto could be considered an abuse of market power. The judgment reinforces competition rules and may push major tech firms to allow easier access for rival apps.
The case stemmed from a €102 million fine imposed by Italy’s antitrust authority in 2021 for restricting access to Enel’s JuicePass app.
Google challenged the penalty, arguing security concerns and the absence of a specific app template. However, the Court of Justice of the European Union backed the Italian regulator, stating that dominant companies must ensure interoperability unless valid security risks exist.
The court clarified that companies should develop necessary templates within a reasonable timeframe.
Although Google has since introduced the requested feature, the ruling may set a precedent for similar cases. Legal experts see it as aligning with EU competition law, citing past decisions against IBM and Microsoft.
The ruling also supports the objectives of the Digital Markets Act, which aims to regulate dominant digital platforms.
The decision is final and unappealable, meaning the Italian Council of State must now rule on Google’s appeal in line with the court’s findings.
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Italy is demanding 12.5 million euros ($13 million) from Elon Musk’s social network X following a tax probe linked to a broader investigation into Meta. The case, which focuses on value-added tax (VAT) claims for the years 2016 to 2022, is significant as it raises questions about how social networks provide access to their services. Italian tax authorities argue that user registrations on platforms like X, Facebook, and Instagram should be considered taxable transactions, as they involve the exchange of personal data for a membership account.
This case could have major implications for the tech sector in Europe, potentially altering the way business models are structured in the 27-nation European Union, as VAT is a harmonised EU tax. Although the claim of 12.5 million euros is a small amount for X, the outcome of this case could influence future tax policies across the region. Both X and Meta must respond to the tax authority’s observations by late March or early April, with the option to either accept the charges or challenge them in court.
The investigation also comes at a sensitive time, as US President Donald Trump has criticised digital taxes in countries like Italy that target US tech firms. Musk, who has strong ties with Italian Prime Minister Giorgia Meloni, is also keen to expand his Starlink business in the country. If no agreement is reached, Italy’s Revenue Agency may pursue a lengthy judicial review, which could take up to 10 years to resolve.
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China has warned that the United States‘ efforts to pressure other nations into targeting its semiconductor industry will ultimately backfire.
During a regular press briefing, Chinese foreign ministry spokesperson Lin Jian criticised Washington’s approach, arguing that it would disrupt the global semiconductor supply chain and hinder industry development worldwide.
Lin Jian emphasised that such actions not only undermine fair competition but also threaten the stability of the global technology market.
Tensions between the US and China over semiconductor access have escalated in recent years, with Washington implementing export controls and encouraging its allies to adopt similar measures.
Beijing has consistently opposed these restrictions, calling them politically motivated attempts to curb China’s technological progress.
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Alibaba is set to release an open-source version of its video and image-generating artificial intelligence model, Wan 2.1. The company announced the move on X, with full details to be revealed in a recorded video.
The tech giant originally introduced its AI model in January under the name Wanx before renaming it Wan. Alibaba has promoted its capability to generate highly realistic visuals and noted its strong performance on VBench, a ranking platform for video-generating models.
The company also previewed its reasoning model, QwQ-Max, with plans to make it open source in the future.
Major investments in AI and cloud computing are also underway, with at least 380 billion yuan ($52 billion) committed over the next three years.
Alibaba is positioning itself as a key player in the AI industry while competing with global leaders moving towards closed-source models.
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