Intuit, H&R Block shares fall after report that Trump government efficiency team is considering tax-filing app
Michael Nagle | Bloomberg | Getty Images
The stock prices for H&R Block and Intuit fell after a report Tuesday said Trump’s government efficiency team is considering creating a free tax-filing app.
Intuit, which makes the TurboTax tax-filing software, was down 5%, putting it on pace for its worst day since Aug. 23, when the company’s stock price fell nearly 7%. H&R Block was down 8% and on pace for its worst day since 2020.
President-elect Donald Trump’s “Department of Government Efficiency” has held “highly preliminary” discussions about creating the free tax-filing app, The Washington Post reported. The so-called DOGE will not be an official government department but an outside advisory commission. It will be led by billionaire Elon Musk and former Republican presidential candidate Vivek Ramaswamy and aims to slash government spending.
A DOGE tax-filing app would be a competitor of both H&R Block and TurboTax.
Intuit spokeswoman Tania Mercado didn’t directly address the prospect of a government tax-filing app, but told CNBC in a statement that, “For decades, Intuit has publicly called for simplifying the U.S. tax code so individuals, families, and small businesses can better understand their finances.”
George Agurkis, H&R Block’s director of government relations, said in an email that the company looks forward “to engaging with the new Administration and the Department of Government Efficiency on their ideas related to sound and efficient tax administration.”
It’s unclear where a new DOGE tax app would bridge with newer policies the Biden administration already implemented. Under the Biden administration, the IRS in March rolled out a pilot Direct File program in 12 states, allowing qualified taxpayers to file directly through a government portal. The IRS also offers free filing services through its Free File program for taxpayers who make an adjusted gross income of $79,000 or less.
While both Intuit and H&R Block have free filing options, neither have had stellar records when it comes to transparently offering those services.
The Federal Trade Commission in February filed an administrative complaint against H&R Block for deceptively marketing free filing products and wrongfully deleting users’ in-progress tax data. Intuit, meanwhile, agreed to pay $141 million in restitution “for deceiving millions of low-income Americans into paying for tax services that should have been free,” according to the office of New York Attorney General Letitia James.
WATCH: Spruce Point shorts Intuit
Technology
Quantum stocks Rigetti Computing and D-Wave surged double-digits this week. Here’s what’s driving the big move
Inside Google’s quantum computing lab in Santa Barbara, California.
CNBC
Quantum computing stocks are wrapping up a big week of double-digit gains.
Shares of Rigetti Computing, D-Wave Quantum and Quantum Computing have surged more than 20%. Rigetti and D-Wave Quantum have more than doubled and tripled, respectively, since the start of the year. Arqit Quantum skyrocketed more than 32% this week.
The jump in shares followed a wave of positive news in the quantum space.
Rigetti said it had purchase orders totalling $5.7 million for two of its 9-qubit Novera quantum computing systems. The owner of drugmaker Novo Nordisk and the Danish government also invested 300 million euros in a quantum venture fund.
In a blog post earlier this week, Nvidia also highlighted accelerated computing, which it argues can make “quantum computing breakthroughs of today and tomorrow possible.”
Investors have piled into quantum computing technology this year, as tech giants Microsoft, Nvidia and Amazon have embraced the technology with a wave of new chip announcements, multi-million dollar investments and research plans.
Cfoto | Future Publishing | Getty Images
OpenAI’s new artificial intelligence video app Sora has already grabbed the top spot in Apple‘s App Store as its number one free app, despite being invite-only.
Sora, which was launched on Tuesday, allows users to create short-form AI videos and share them in a feed. The app is available to iPhone users but requires an invite code to access.
Here’s how to snag a Sora app invite code:
- First, download the app from the iOS App Store. Note that Sora requires iOS 18.0 or later to be downloaded.
- Login using your OpenAI account.
- Click “Notify me when access opens.”
A screen will then appear asking for an access code.
Currently, OpenAI has said that it is prioritizing paying ChatGPT Pro users for Sora access. The app is only available in the U.S. and Canada, but is expected to roll out to additional countries soon, the company said.
If you do not know someone who can provide an access code, several people are sharing invite codes on the official OpenAI Discord server, as well as on X and Reddit threads.
Once you input your access, you will be able to start generating AI videos using text or images. Users are also able to cameo as characters in their videos as well as “remix” other posts.
The app is powered by the new Sora 2.0 model, an updated version of the original Sora model from last year. The video generation model is “physically accurate, realistic, and more controllable” than prior systems, the company said in a blog post.
Sopa Images | Lightrocket | Getty Images
OpenAI now has two of the top three free apps in Apple’s App Store, and its new video generation app Sora has snagged the coveted No. 1 spot.
The artificial intelligence startup launched Sora on Tuesday, and it allows users to generate short-form AI videos, remix videos created by other users and post them to a shared feed. Sora is only available on iOS devices and is invite-based, which means users need a code to access it.
Despite these restrictions, Sora has secured the top spot in the App Store, ahead of Google‘s Gemini and OpenAI’s generative chatbot ChatGPT.
“It’s been epic to see what the collective creativity of humanity is capable of so far,” Bill Peebles, head of Sora at OpenAI, wrote in a post on X on Friday. “Team is iterating fast and listening to feedback.”
Sora is powered by OpenAI’s latest video and audio generation model called Sora 2. OpenAI said the model is capable of creating scenes and sounds with “a high degree of realism,” according to a blog post. The startup’s first video and audio generation model, Sora, was announced in February 2024.
OpenAI said it has taken steps to address potential safety concerns around the Sora app, including giving users explicit control over how their likeness is used on the platform. But some of the initial videos posted to the app, including one that depicts OpenAI CEO Sam Altman shoplifting, have sparked debates about its utility, potential for harm and legality.
“It is easy to imagine the degenerate case of AI video generation that ends up with us all being sucked into an RL-optimized slop feed,” Altman wrote in a post on X on Tuesday. “The team has put great care and thought into trying to figure out how to make a delightful product that doesn’t fall into that trap, and has come up with a number of promising ideas.”
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