Good morning and welcome to Markets Desk.
Intuit is under pressure this session after a notable customer exodus from its TurboTax platform. Price-sensitive filers are walking away, and the market is responding — shares slid in early Wednesday trade, a clear signal that even dominant consumer software franchises aren't immune to affordability pushback in this environment.
Shifting to media and leisure, Disney's experiences segment just posted record quarterly revenue with three billion dollars in operating profit for the quarter alone. Parks and resorts are carrying serious weight for the company right now, yet the broader market continues to price Disney at value stock multiples — suggesting investors still aren't fully crediting the segment's structural earnings power.
And on the institutional side, Bill Ackman's Pershing Square has made Microsoft its largest artificial intelligence holding, trimming Alphabet to fund the switch. The thesis centers on Microsoft's deeper integration of AI across enterprise products and its OpenAI partnership, which Pershing appears to view as a more durable monetization pathway than search-dependent advertising revenue.
That's the tape. Markets Desk, signing off the floor.
