Intuit (INTU)

The sleeper story is management accidentally revealing that AI+HI test results show customers will pay meaningfully more for combined tech/human service, fundamentally changing the pricing power narrative, but they're not ready to roll it out at scale yet. The headline 17% growth is solid but masks critical deterioration in Mailchimp (timeline slipped 6+ months) and QuickBooks Live deceleration (61% to 50%), while desktop's 10% growth this quarter practically guarantees a second-half collapse given unchanged full-year guidance. The binding constraint is their go-to-market capacity: they're adding 30% more sales heads because they can't scale without humans, despite all the AI efficiency talk. Most revealing quote: 'All options are on the table' for Mailchimp, which is banker-speak for potential divestiture. My view changes if Mailchimp returns to growth in FY26 or if they provide specific AI monetization metrics next quarter.