Nova Sappho

The new AI application from Altruist is set to ingest documents like tax forms, pay stubs and notes and spit out tax planning advice, traditionally a function of a financial advisor.

The AI is reducing the cost of intelligence.

Thomas Schuster is research director at IDC Financial Insights.

So, which companies might get walloped?

Sean Dunlop at Morningstar says it's hard to say.

But it's not clear firms are facing a serious threat at all, in part because we've seen this movie before.

Financial advisors have offered automated options for at least a decade, but clients haven't used them much, says Dunlop.

Such low uptake is no surprise to Isabella Loaiza of MIT, who's researched AI's impact on the financial industry.

Good luck getting those from AI.

Loaiza expects AI to augment the work of financial advisors, not replace them.

I'm Novosafo for Marketplace.

Alphabet, Amazon, Microsoft, and Meta just said they're spending $600 billion on AI infrastructure this year.

And investors are wondering how that's going to affect profits.

Harul Jain is professor of economics and finance at Rutgers.

And it's not only tech companies spending that's worrying investors.

There are new concerns about whether AI could replace entire parts of the tech economy, like the need to buy new software when you could just ask AI to handle it.

This is all leading to, say it with me, uncertainty.

Andrew Rocco is a stock strategist at Zacks Investment Research.

Companies like a Procter & Gamble, a Walmart, a PepsiCo, they're going to have more stable growth.

Reliable, not flashy.