{"slug":"ai-adapt-intu-20261105","entry":{"slug":"ai-adapt-intu-20261105","title":"AI Adaptation Research Report — INTU (INTUIT INC.) · WhiteSwan constituent","symbol":"INTU","kind":"ai_adaptation","name":"INTUIT INC.","book":"AMF-WHITESWAN","direction":"long","verdict":"whiteswan","run_date":"2026-11-05","narrative":"deterministic","level":4,"aas":72.9,"date":"2026-11-05","generated_at":"2026-11-05T04:01:30+00:00","description":"INTU (INTUIT INC.) is a WhiteSwan constituent: its own filings document AI inside the product or operations with investment behind it, and its AI Adaptation Score ranks at the top of the software companies (SIC 7370–7379","algorithm_release":"1.1.0","rank":2,"composite":73.305,"story_score":61.38,"market":86.05,"weight":0.128249,"pinned":false},"url":"/marr/ai-adapt-intu-20261105","markdown":"# AI Adaptation Research Report — INTU (INTUIT INC.) · WhiteSwan constituent\n\n*EventTrader research desk · generated 2026-11-05 04:01 UTC · report ai-adapt-intu-20261105 · narrative: built from the evidence pack by the platform*\n\n| | |\n|---|---|\n| **Company** | INTU — INTUIT INC. · SIC 7372 Services-Prepackaged Software |\n| **Book** | AMF-WHITESWAN (long) — WhiteSwan |\n| **Composition algorithm** | Swan Composite v1.1.0 — 50% AI Adaptation Score + 25% AI Story Score + 25% market verdict, conviction-weighted |\n| **Anchor filing** | 10-K filed 2026-09-09 (period 2026-07-31) |\n| **Adoption level** | 4 — native · model-confirmed |\n| **AI Adaptation Score** | 72.9 / 100 · run 2026-11-05 · sector software percentile 98.3 |\n| **Price** | 355.7 USD |\n| **Place in the book** | rank 2 of 10 · composite 73.3 · story 61.4 · market verdict 86.0 · weight 12.8% |\n\n## 1. Verdict\n\n- **INTU (INTUIT INC.) is a WhiteSwan constituent**: its own filings document AI inside the product or operations with investment behind it, and its AI Adaptation Score ranks at the top of the software companies (SIC 7370–7379) on the 2026-11-05 run [S5].\n- The score rests on the company's 10-K filed 2026-09-09, read in full by the platform's scorer [S1].\n- Adoption level **4 — native** on the 0–4 rubric, confirmed by a model read with credibility 6.0/10 [S1].\n- AI Adaptation Score **72.9** / 100, percentile 99.7 of 6503 scored filers and 98.3 within its sector (software, 585 filers) [S5].\n- What would move it: a next report that withdraws the deployments, investment or outcomes it now states [S1].\n\n## 2. The company\n\nINTUIT INC. files with the SEC under CIK 896878, SIC 7372 (Services-Prepackaged Software), listed on Nasdaq [S4].\nThe filing the score reads is the 10-K filed 2026-09-09 for the period ended 2026-07-31, effective for the books from 2026-09-10 [S2].\n\n## 3. What the filing says about AI\n\nThe scorer found 80 AI-related sentences in the 10-K: 44 in the substantive sections (business, management's discussion) and 36 in the risk factors [S1].\nSignals counted in the substantive text: proprietary-model language 2, deployments 4, measured outcomes 1, investment 3, third-party vendor tools 0, exploratory language 1 [S1].\n\nVerbatim from the filing:\n\n> \"Our powerful combination of proprietary data, domain-specific AI platform capabilities, and AI-powered human expertise helps customers make high-stakes financial decisions with confidence.\" — Item 1. Business [S1]\n> \"We have a significant competitive advantage with our scale of proprietary data, domain-specific AI platform capabilities, and large network of AI-enabled human experts that is setting the standard for trusted financial intelligence.\" — Item 1. Business [S1]\n> \"Our vision is to be the connected all-in-one platform with a virtual team of AI agents and AI-enabled human experts that small and mid-market businesses rely on every day to run and grow their businesses.\" — Item 1. Business [S1]\n> \"Our all-in-one platform features AI agents, providing actionable, AI-driven insights and automation to help our customers grow and run their businesses with confidence.\" — Item 1. Business [S1]\n> \"These AI agents work alongside our large network of AI-enabled human experts to provide businesses with additional expertise and support.\" — Item 1. Business [S1]\n> \"AI-driven features, including agentic experiences and personalized recommendations, help customers accelerate tax return completion and deliver a faster, more confident filing experience.\" — Item 1. Business [S1]\n> \"The platform integrates five core areas: client management, client collaboration, service delivery, business planning, and team management, with embedded Intuit Intelligence and AI agents.\" — Item 1. Business [S1]\n> \"We launched an expansion and new lineup of our AI-driven expert platform: a unified system of intelligence that serves as a strategic control tower for both businesses and accountants, seamlessly moving from insight to autonomous execution.\" — Item 1. Business [S1]\n> \"Our AI-driven expert platform, products, and embedded experiences are built in keeping with the company’s commitment to data privacy, security, and responsible AI governance.\" — Item 1. Business [S1]\n> \"CUSTOMER SUCCESS For many of our offerings, we provide support through multiple channels including telephone, email, AI-assisted online and video chat, text messaging, in-person at physical locations, our customer support websites, self-help assets embedded in our products, and online communities where consumers can share knowledge and product advice with each other.\" — Item 1. Business [S1]\n\n## 4. The AI Adaptation Score\n\nThe AI Adaptation Score weighs the adoption level (0–4) at 45%, building with AI from the ground up (greenfield) at 20%, the credibility of the claims at 15%, the trajectory against the previous filing at 12% and the investment signal at 8%, with trajectory and investment measured against the company's own sector; the greenfield reward counts only from level 3 upward [S5].\nINTU's score of 72.9 decomposes into level 45.0, greenfield 8.0, credibility 9.0, trajectory 5.9 and investment 5.0 points [S5].\nIts cluster label for the run is **builder** with a margin of 42.1 points from the sector's other cluster [S5].\n\nThe model read of the filing returned level 4 (native) with confidence 0.78 and sub-scores product 9.0, operations 8.0, investment 7.0, data moat 8.0, credibility 6.0, greenfield 4.0 (each 0–10) [S1].\nIts summary: \"Intuit is a proprietary AI-driven expert platform built on its own GenOS, with AI agents embedded across TurboTax, QuickBooks and enterprise suites plus a proprietary-data moat and 15.7% R&D intensity. Clearly native, though it is a 2019 transformation of a pre-AI tax/accounting business, not a from-inception greenfield build, and lacks hard AI-tied revenue figures.\" [S1].\n> \"Our innovation has been made possible by our investments in our proprietary Generative AI Operating System (GenOS).\" — Item 1. Business [S1]\n> \"We have transformed the company from a tax and accounting platform to an AI-driven expert platform.\" — Item 1. Business [S1]\n> \"Our powerful combination of proprietary data, domain-specific AI platform capabilities, and AI-powered human expertise helps customers make high-stakes financial decisions with confidence.\" — Item 1. Business [S1]\n> \"QuickBooks Online embeds Intuit’s AI to automate routine bookkeeping and surface actionable insights through natural-language queries, forecasts, and proactive alerts, working alongside Intuit AI-enabled experts.\" — Item 1. Business [S1]\n> \"In fiscal 2026, we scaled a transformative set of AI agents that are dramatically improving how businesses run and grow.\" — Item 1. Business [S1]\n\n## 5. Trajectory\n\nThe previous periodic report, the 10-Q filed 2026-05-20, scored level 3 (integrated) with 49 AI sentences [S3].\nThe level rose by 1 between the two reports [S1].\n\n## 6. Recent developments\n\n- wire:prnewswire 2026-11-02T21:41+00:00: Hippocratic AI Unveils Polaris 6 Ultra, the First Healthcare Model With Bedside Intuition, Built on Real-Life Experience, With Lower Pricing [S7]\n- wire:gnews-ma 2026-10-30T16:51+00:00: Intuit to Acquire Sequence: Boosting AI-Native Revenue Management for Mid-Market Businesses - FF News [S8]\n- wire:prnewswire 2026-10-29T12:09+00:00: PhoenixAI's NEXT QUERY 2026 Features Speakers From Microsoft AI, NVIDIA, Apple, Coinbase, and Intuit [S9]\n- wire:prnewswire_financial 2026-10-27T13:00+00:00: Avalara Launches Nexus Report for Intuit QuickBooks® Online Users [S10]\n- wire:gnews-ma 2026-10-21T13:18+00:00: Intuit to acquire revenue platform Sequence - The Paypers [S11]\n- wire:gnews-ma 2026-10-19T14:51+00:00: Intuit to Acquire Sequence to Boost AI-Powered Mid-Market Offerings - The Globe and Mail [S12]\n- wire:gnews-ma 2026-10-19T12:33+00:00: Intuit to Acquire Sequence to Boost AI-Powered Mid-Market Offerings - Zacks Investment Research [S13]\n- wire:gnews-ma 2026-10-19T12:20+00:00: Intuit to Acquire Sequence to Boost AI-Powered Mid-Market Offerings - Yahoo Finance [S14]\n\n## 7. What would change the verdict\n\nINTU leaves the long book if a later report drops the deployments, investment or outcomes it now states, if the model read judges the claims uncredible, or if higher-scoring filers displace it on a later run [S5].\nThe book is recomposed on every scoring run from the ten highest scores that pass the liquidity screen [S5].\n\n## 8. Risks and caveats\n\nThe score reads what the company discloses, not what it does: a company can adopt AI without describing it in a periodic report, and can describe it without adopting it [S5].\nRisk-factor language is counted separately from substantive text and never credited as adoption; boilerplate that resembles generic risk disclosure is excluded [S5].\nOnly the sections the scorer parses are read (business, risk factors, management's discussion for a 10-K or 10-Q; the earnings release of an 8-K is scored but never anchors a level) [S5].\n\n## 9. Watch list\n\n- The next periodic report of INTU (expected around 2027-09-09) and its AI sentences [S4].\n- The model read of the current filing (done) [S5].\n- The next scoring run's AI Adaptation Score and the book's recomposition [S5].\n## Place in the book\n\n- Rank 2 of 10 in AMF-WHITESWAN (Swan Composite v1.1.0, scoring run 2026-11-05): the book holds the highest composites [S5].\n- Composite: 0.50 × 72.9 (AAS) + 0.25 × 61.4 (story) + 0.25 × 86.0 (market) = 73.3 [S5].\n- Market verdict 86.0: over the last 90 days INTU rose more and fell less than the software universe's median daily return (down-capture 1.74, up-capture 3.18, L = 1.44; 32 down / 19 up days) — the Failure-To-Adapt fund's selection signal, 50 = moves with the software universe's median daily return [S5].\n- AI Story Score 61.4: a beneficiary narrative in the AI stories written about the company [S5].\n- Weight: rank factor 1.89 (rank 2 of 10) × story factor 1.11 × market factor 1.36, normalised across the book and clamped to 5–20% → 12.8% [S5].\n\n## Sources\n\n- **S1** — INTU 10-K filed 2026-09-09 — SEC primary document (the anchor filing the score reads) — \n- **S2** — EDGAR filing index for accession 0000896878-26-000037 — \n- **S3** — INTU 10-Q filed 2026-05-20 — the previous periodic report (trajectory) — \n- **S4** — SEC EDGAR company submissions — INTUIT INC. (CIK 896878) — \n- **S5** — EventTrader AI Adaptation Score, scoring run 2026-11-05 — the AMF-WHITESWAN fund page (method, composition) — \n- **S6** — EventTrader real-price feed — INTU quote — \n- **S7** — Headline — wire:prnewswire 2026-11-02T21:41+00:00: Hippocratic AI Unveils Polaris 6 Ultra, the First Healthcare Model With Bedside Intuition, Built on Real-Life Experience, With Lower Pricing — \n- **S8** — Headline — wire:gnews-ma 2026-10-30T16:51+00:00: Intuit to Acquire Sequence: Boosting AI-Native Revenue Management for Mid-Market Businesses - FF News — \n- **S9** — Headline — wire:prnewswire 2026-10-29T12:09+00:00: PhoenixAI's NEXT QUERY 2026 Features Speakers From Microsoft AI, NVIDIA, Apple, Coinbase, and Intuit — \n- **S10** — Headline — wire:prnewswire_financial 2026-10-27T13:00+00:00: Avalara Launches Nexus Report for Intuit QuickBooks® Online Users — \n- **S11** — Headline — wire:gnews-ma 2026-10-21T13:18+00:00: Intuit to acquire revenue platform Sequence - The Paypers — \n- **S12** — Headline — wire:gnews-ma 2026-10-19T14:51+00:00: Intuit to Acquire Sequence to Boost AI-Powered Mid-Market Offerings - The Globe and Mail — \n- **S13** — Headline — wire:gnews-ma 2026-10-19T12:33+00:00: Intuit to Acquire Sequence to Boost AI-Powered Mid-Market Offerings - Zacks Investment Research — \n- **S14** — Headline — wire:gnews-ma 2026-10-19T12:20+00:00: Intuit to Acquire Sequence to Boost AI-Powered Mid-Market Offerings - Yahoo Finance — \n\n## Method and disclaimer\n\nThe AI Adaptation Score reads each company's own periodic SEC reports (10-K, 10-Q, 20-F, 40-F): deterministic features (AI sentences by section, proprietary-model, deployment, outcome, investment and vendor language, boilerplate and negation excluded) set an adoption level on a 0–4 rubric; a model read of the filing's AI sentences confirms the level and scores credibility and greenfield (the business built with AI from the ground up rather than retrofitted); the score combines level, greenfield, credibility, trajectory against the previous report and investment, measured against the company's sector, with greenfield carrying the highest reward. The books are composed by Swan Composite v1.1.0: each company's composite is 50% AI Adaptation Score + 25% AI Story Score + 25% market verdict — the AI Story Score is the sentiment of the AI stories written about it, the belief network of companies named in the same stories and the price reaction to those stories (no story scores neutral); the market verdict is the Failure-To-Adapt fund's selection signal, the signed down/up capture ratio of the stock against the software universe's median return over 90 days (a stock that falls more and rises less than its peers scores below 50). AMF-BLACKSWAN holds the ten lowest composites that pass the liquidity screen and the new-listing gate and AMF-WHITESWAN the ten highest, weighted by conviction (rank, story agreement and market agreement, each leg 5–20%), recomposed on every scoring run. Every quote in this report is the filing's text verbatim; every factual sentence names its source; a source the platform could not reach is reported as missing, never filled in.\n\n*This report is information, not investment advice. Figures come from the cited sources as of their dates. Nothing here is a recommendation to buy, sell or hold any asset.*\n","html":"

AI Adaptation Research Report — INTU (INTUIT INC.) · WhiteSwan constituent

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EventTrader research desk · generated 2026-11-05 04:01 UTC · report ai-adapt-intu-20261105 · narrative: built from the evidence pack by the platform

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CompanyINTU — INTUIT INC. · SIC 7372 Services-Prepackaged Software
BookAMF-WHITESWAN (long) — WhiteSwan
Composition algorithmSwan Composite v1.1.0 — 50% AI Adaptation Score + 25% AI Story Score + 25% market verdict, conviction-weighted
Anchor filing10-K filed 2026-09-09 (period 2026-07-31)
Adoption level4 — native · model-confirmed
AI Adaptation Score72.9 / 100 · run 2026-11-05 · sector software percentile 98.3
Price355.7 USD
Place in the bookrank 2 of 10 · composite 73.3 · story 61.4 · market verdict 86.0 · weight 12.8%
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1. Verdict

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    \n
  • INTU (INTUIT INC.) is a WhiteSwan constituent: its own filings document AI inside the product or operations with investment behind it, and its AI Adaptation Score ranks at the top of the software companies (SIC 7370–7379) on the 2026-11-05 run [S5].
    • \n
  • The score rests on the company's 10-K filed 2026-09-09, read in full by the platform's scorer [S1].
    • \n
  • Adoption level 4 — native on the 0–4 rubric, confirmed by a model read with credibility 6.0/10 [S1].
    • \n
  • AI Adaptation Score 72.9 / 100, percentile 99.7 of 6503 scored filers and 98.3 within its sector (software, 585 filers) [S5].
    • \n
  • What would move it: a next report that withdraws the deployments, investment or outcomes it now states [S1].
    • \n
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2. The company

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INTUIT INC. files with the SEC under CIK 896878, SIC 7372 (Services-Prepackaged Software), listed on Nasdaq [S4].\nThe filing the score reads is the 10-K filed 2026-09-09 for the period ended 2026-07-31, effective for the books from 2026-09-10 [S2].

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3. What the filing says about AI

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The scorer found 80 AI-related sentences in the 10-K: 44 in the substantive sections (business, management's discussion) and 36 in the risk factors [S1].\nSignals counted in the substantive text: proprietary-model language 2, deployments 4, measured outcomes 1, investment 3, third-party vendor tools 0, exploratory language 1 [S1].

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Verbatim from the filing:

\n
\n

\"Our powerful combination of proprietary data, domain-specific AI platform capabilities, and AI-powered human expertise helps customers make high-stakes financial decisions with confidence.\" — Item 1. Business [S1]\n\"We have a significant competitive advantage with our scale of proprietary data, domain-specific AI platform capabilities, and large network of AI-enabled human experts that is setting the standard for trusted financial intelligence.\" — Item 1. Business [S1]\n\"Our vision is to be the connected all-in-one platform with a virtual team of AI agents and AI-enabled human experts that small and mid-market businesses rely on every day to run and grow their businesses.\" — Item 1. Business [S1]\n\"Our all-in-one platform features AI agents, providing actionable, AI-driven insights and automation to help our customers grow and run their businesses with confidence.\" — Item 1. Business [S1]\n\"These AI agents work alongside our large network of AI-enabled human experts to provide businesses with additional expertise and support.\" — Item 1. Business [S1]\n\"AI-driven features, including agentic experiences and personalized recommendations, help customers accelerate tax return completion and deliver a faster, more confident filing experience.\" — Item 1. Business [S1]\n\"The platform integrates five core areas: client management, client collaboration, service delivery, business planning, and team management, with embedded Intuit Intelligence and AI agents.\" — Item 1. Business [S1]\n\"We launched an expansion and new lineup of our AI-driven expert platform: a unified system of intelligence that serves as a strategic control tower for both businesses and accountants, seamlessly moving from insight to autonomous execution.\" — Item 1. Business [S1]\n\"Our AI-driven expert platform, products, and embedded experiences are built in keeping with the company’s commitment to data privacy, security, and responsible AI governance.\" — Item 1. Business [S1]\n\"CUSTOMER SUCCESS For many of our offerings, we provide support through multiple channels including telephone, email, AI-assisted online and video chat, text messaging, in-person at physical locations, our customer support websites, self-help assets embedded in our products, and online communities where consumers can share knowledge and product advice with each other.\" — Item 1. Business [S1]

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4. The AI Adaptation Score

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The AI Adaptation Score weighs the adoption level (0–4) at 45%, building with AI from the ground up (greenfield) at 20%, the credibility of the claims at 15%, the trajectory against the previous filing at 12% and the investment signal at 8%, with trajectory and investment measured against the company's own sector; the greenfield reward counts only from level 3 upward [S5].\nINTU's score of 72.9 decomposes into level 45.0, greenfield 8.0, credibility 9.0, trajectory 5.9 and investment 5.0 points [S5].\nIts cluster label for the run is builder with a margin of 42.1 points from the sector's other cluster [S5].

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The model read of the filing returned level 4 (native) with confidence 0.78 and sub-scores product 9.0, operations 8.0, investment 7.0, data moat 8.0, credibility 6.0, greenfield 4.0 (each 0–10) [S1].\nIts summary: \"Intuit is a proprietary AI-driven expert platform built on its own GenOS, with AI agents embedded across TurboTax, QuickBooks and enterprise suites plus a proprietary-data moat and 15.7% R&D intensity. Clearly native, though it is a 2019 transformation of a pre-AI tax/accounting business, not a from-inception greenfield build, and lacks hard AI-tied revenue figures.\" [S1].

\n
\n

\"Our innovation has been made possible by our investments in our proprietary Generative AI Operating System (GenOS).\" — Item 1. Business [S1]\n\"We have transformed the company from a tax and accounting platform to an AI-driven expert platform.\" — Item 1. Business [S1]\n\"Our powerful combination of proprietary data, domain-specific AI platform capabilities, and AI-powered human expertise helps customers make high-stakes financial decisions with confidence.\" — Item 1. Business [S1]\n\"QuickBooks Online embeds Intuit’s AI to automate routine bookkeeping and surface actionable insights through natural-language queries, forecasts, and proactive alerts, working alongside Intuit AI-enabled experts.\" — Item 1. Business [S1]\n\"In fiscal 2026, we scaled a transformative set of AI agents that are dramatically improving how businesses run and grow.\" — Item 1. Business [S1]

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5. Trajectory

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The previous periodic report, the 10-Q filed 2026-05-20, scored level 3 (integrated) with 49 AI sentences [S3].\nThe level rose by 1 between the two reports [S1].

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6. Recent developments

\n
    \n
  • wire:prnewswire 2026-11-02T21:41+00:00: Hippocratic AI Unveils Polaris 6 Ultra, the First Healthcare Model With Bedside Intuition, Built on Real-Life Experience, With Lower Pricing [S7]
    • \n
  • wire:gnews-ma 2026-10-30T16:51+00:00: Intuit to Acquire Sequence: Boosting AI-Native Revenue Management for Mid-Market Businesses - FF News [S8]
    • \n
  • wire:prnewswire 2026-10-29T12:09+00:00: PhoenixAI's NEXT QUERY 2026 Features Speakers From Microsoft AI, NVIDIA, Apple, Coinbase, and Intuit [S9]
    • \n
  • wire:prnewswire_financial 2026-10-27T13:00+00:00: Avalara Launches Nexus Report for Intuit QuickBooks® Online Users [S10]
    • \n
  • wire:gnews-ma 2026-10-21T13:18+00:00: Intuit to acquire revenue platform Sequence - The Paypers [S11]
    • \n
  • wire:gnews-ma 2026-10-19T14:51+00:00: Intuit to Acquire Sequence to Boost AI-Powered Mid-Market Offerings - The Globe and Mail [S12]
    • \n
  • wire:gnews-ma 2026-10-19T12:33+00:00: Intuit to Acquire Sequence to Boost AI-Powered Mid-Market Offerings - Zacks Investment Research [S13]
    • \n
  • wire:gnews-ma 2026-10-19T12:20+00:00: Intuit to Acquire Sequence to Boost AI-Powered Mid-Market Offerings - Yahoo Finance [S14]
    • \n
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7. What would change the verdict

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INTU leaves the long book if a later report drops the deployments, investment or outcomes it now states, if the model read judges the claims uncredible, or if higher-scoring filers displace it on a later run [S5].\nThe book is recomposed on every scoring run from the ten highest scores that pass the liquidity screen [S5].

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8. Risks and caveats

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The score reads what the company discloses, not what it does: a company can adopt AI without describing it in a periodic report, and can describe it without adopting it [S5].\nRisk-factor language is counted separately from substantive text and never credited as adoption; boilerplate that resembles generic risk disclosure is excluded [S5].\nOnly the sections the scorer parses are read (business, risk factors, management's discussion for a 10-K or 10-Q; the earnings release of an 8-K is scored but never anchors a level) [S5].

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9. Watch list

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    \n
  • The next periodic report of INTU (expected around 2027-09-09) and its AI sentences [S4].
    • \n
  • The model read of the current filing (done) [S5].
    • \n
  • The next scoring run's AI Adaptation Score and the book's recomposition [S5].
    • \n
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Place in the book

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    \n
  • Rank 2 of 10 in AMF-WHITESWAN (Swan Composite v1.1.0, scoring run 2026-11-05): the book holds the highest composites [S5].
    • \n
  • Composite: 0.50 × 72.9 (AAS) + 0.25 × 61.4 (story) + 0.25 × 86.0 (market) = 73.3 [S5].
    • \n
  • Market verdict 86.0: over the last 90 days INTU rose more and fell less than the software universe's median daily return (down-capture 1.74, up-capture 3.18, L = 1.44; 32 down / 19 up days) — the Failure-To-Adapt fund's selection signal, 50 = moves with the software universe's median daily return [S5].
    • \n
  • AI Story Score 61.4: a beneficiary narrative in the AI stories written about the company [S5].
    • \n
  • Weight: rank factor 1.89 (rank 2 of 10) × story factor 1.11 × market factor 1.36, normalised across the book and clamped to 5–20% → 12.8% [S5].
    • \n
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Sources

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Method and disclaimer

\n

The AI Adaptation Score reads each company's own periodic SEC reports (10-K, 10-Q, 20-F, 40-F): deterministic features (AI sentences by section, proprietary-model, deployment, outcome, investment and vendor language, boilerplate and negation excluded) set an adoption level on a 0–4 rubric; a model read of the filing's AI sentences confirms the level and scores credibility and greenfield (the business built with AI from the ground up rather than retrofitted); the score combines level, greenfield, credibility, trajectory against the previous report and investment, measured against the company's sector, with greenfield carrying the highest reward. The books are composed by Swan Composite v1.1.0: each company's composite is 50% AI Adaptation Score + 25% AI Story Score + 25% market verdict — the AI Story Score is the sentiment of the AI stories written about it, the belief network of companies named in the same stories and the price reaction to those stories (no story scores neutral); the market verdict is the Failure-To-Adapt fund's selection signal, the signed down/up capture ratio of the stock against the software universe's median return over 90 days (a stock that falls more and rises less than its peers scores below 50). AMF-BLACKSWAN holds the ten lowest composites that pass the liquidity screen and the new-listing gate and AMF-WHITESWAN the ten highest, weighted by conviction (rank, story agreement and market agreement, each leg 5–20%), recomposed on every scoring run. Every quote in this report is the filing's text verbatim; every factual sentence names its source; a source the platform could not reach is reported as missing, never filled in.

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This report is information, not investment advice. Figures come from the cited sources as of their dates. Nothing here is a recommendation to buy, sell or hold any asset.

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