Altruist recently introduced new AI-powered tax planning features within its Hazel platform, designed to assist financial advisors. This tool analyzes various financial documents, including 1040s, to generate personalized tax strategies and insights in minutes, allowing advisors to explore "what-if" scenarios. The announcement led to a decline in stock prices for wealth managers like Charles Schwab and Raymond James, as investors expressed concerns about AI's disruptive potential in the financial advice sector. Altruist emphasizes that Hazel provides analysis, not tax advice, and maintains data security with zero-data-retention agreements.
The retail sector is undergoing a significant transformation with the rise of agentic commerce, where AI assistants replace traditional search by interpreting customer intent and guiding purchasing decisions. McKinsey predicts this shift could generate up to $1 trillion in US retail revenue by 2030. At NRF Big Show 2026, companies like Aptos debuted new AI products, including "Super Agents" for POS systems, highlighting AI's integration across retail operations from warehouses to store floors.
AI-related stocks, including major players like Salesforce, ServiceNow, Palantir, Nvidia, and Microsoft, experienced gains following numerous AI company advertisements during the Super Bowl, signaling renewed investor interest. The global market for AI sales assistant software is also projected for rapid growth, from US$ 3.2 billion in 2026 to US$ 14.2 billion by 2033, driven by automation in sales tasks. Furthermore, demand for DRAM and NAND flash memory chips, crucial for powering AI data centers, is currently outstripping supply, benefiting memory chip makers like Sandisk.
Engineers in the Asia-Pacific region are quickly adopting AI, with 70% already using it and another 20% planning to within two years, according to an Avnet survey. Despite this rapid adoption, challenges persist, including a lack of skilled workers, budget constraints, and integration issues, alongside concerns about data security and algorithm bias. Meanwhile, the speed of AI innovation underscores the importance of security; Palo Alto Networks, for instance, used secure frameworks to cut content production time from months to days, emphasizing that trusted AI provides a competitive edge.
In other developments, Alibaba Tongyi Lab has open-sourced Zvec, an embedded vector database designed for edge and on-device AI applications. Zvec functions as a library within applications, supporting retrieval augmented generation (RAG) and semantic search on devices like laptops and mobile phones. Concurrently, European insurers are facing new competition from AI chatbots like ChatGPT, which now offer personalized insurance quotes from providers such as Tuio and Insurify, potentially leading to cost savings for insurers through efficiencies in sales and claims management. In a crowded AI startup market, companies are resorting to bold marketing stunts, like Lunos hiring a cowboy to ride through Wall Street, to capture attention.
Key Takeaways
- Altruist's Hazel AI platform now offers tax planning features for financial advisors, leading to stock declines for wealth managers like Charles Schwab and Raymond James.
- Agentic commerce, driven by AI conversations, is transforming retail, with McKinsey projecting up to $1 trillion in US retail revenue by 2030.
- AI-related stocks, including Salesforce, ServiceNow, Palantir, Nvidia, and Microsoft, saw gains after Super Bowl advertisements.
- The global market for AI sales assistant software is expected to grow from US$ 3.2 billion in 2026 to US$ 14.2 billion by 2033.
- Seventy percent of engineers in the Asia-Pacific region are currently using AI, with 20% more planning to within two years, despite challenges like skill shortages and data security.
- Security guardrails are crucial for AI innovation, enabling companies like Palo Alto Networks to reduce content production time from months to days.
- ChatGPT is increasing competition for European insurers by providing personalized insurance quotes, while also offering potential cost savings for insurers.
- Alibaba Tongyi Lab open-sourced Zvec, an embedded vector database for edge and on-device AI applications, functioning as "the SQLite of vector databases."
- Demand for DRAM and NAND flash memory chips, essential for AI data centers, is outstripping supply, benefiting memory chip manufacturers like Sandisk.
- AI startups are employing bold marketing stunts, such as Lunos hiring a cowboy to ride through Wall Street, to stand out in a competitive market.
Altruist Hazel AI now offers smart tax planning
Altruist launched new AI-powered tax planning features within its Hazel platform. This tool helps financial advisors create personalized tax strategies for clients by analyzing various financial documents. Hazel can interpret tax returns and other data to suggest strategies without manual input. Advisors can use it to explore "what-if" scenarios for clients and export reports. Altruist ensures data security with zero-data-retention agreements.
Altruist AI tax tool causes wealth manager stock drop
Brokers and wealth managers like Charles Schwab and Raymond James saw their stocks fall on Tuesday. This happened after Altruist, a Los Angeles-based wealth platform, announced new AI-powered tax software. The innovation for its Hazel platform provides personalized tax insights and strategies for wealth advisors. Investors worry about AI disrupting the financial advice industry.
Altruist adds tax planning to Hazel AI platform
Altruist has added new tax planning features to its Hazel AI platform. This allows advisors to quickly analyze client tax returns and documents, creating tax insights and plans in minutes. Hazel can read various client documents like 1040s and emails to generate recommendations without manual data entry. The platform helps automate tasks and allows advisors to run "what-if" scenarios for clients. Altruist emphasizes that Hazel provides analysis, not tax advice, which remains the advisor's job.
AI conversations are changing how people shop
Agentic commerce is changing retail by replacing traditional search with AI conversations. Shoppers can now ask an AI assistant for specific product recommendations, and the AI understands their needs and suggests items. This shift means AI agents interpret customer intent and guide purchasing decisions in real time. For example, an AI can recommend a coat for a trip, considering weather and style, while also giving brands insights into demand. McKinsey predicts agentic commerce could generate up to $1 trillion in US retail revenue by 2030.
New AI tools for retail debut at NRF 2026
Many companies launched new AI products for retailers and brands at the NRF Big Show 2026. The event showed that AI is now a key part of retail operations, from warehouses to store floors. A major trend is "agentic" commerce, where AI agents help both customers and employees. Aptos, for example, introduced three "Super Agents" for its POS system to offer personalized recommendations and help store staff. Companies like Aptos are also focusing on strong data foundations for AI to work well.
Security is key for trust in fast AI innovation
The speed of AI innovation is changing how quickly companies can create things, making trust more important than ever. Kelly Waldher, CMO for Palo Alto Networks, explains that companies must scale their oversight as AI generates thousands of assets hourly. By building security guardrails into AI systems, human teams can focus on creative work while the system blocks unsafe content. Palo Alto Networks used a secure framework for its "Be a Genius" campaign, cutting production time from months to days. This approach builds confidence, agility, and a competitive edge, making trusted AI a strong differentiator in the market.
APAC engineers quickly adopt AI despite challenges
Avnet's latest survey shows that engineers in the Asia-Pacific region are quickly adopting AI in their products and solutions. Seventy percent of engineers currently use AI, and another 20% plan to use it within two years. However, they face challenges like a lack of skilled workers, limited budgets, and issues integrating AI with existing systems. Engineers also worry about data security, algorithm bias, and the complexity of AI development. Despite these hurdles, 85% believe AI will greatly change their industries in the next five years, especially in automation and customer experience.
ChatGPT brings new AI sales competition to insurers
European insurers are feeling pressure due to new AI-driven competition, causing their sector index to drop. The AI chatbot ChatGPT now provides personalized insurance quotes, creating a new sales channel. For example, Tuio offers household insurance and Insurify offers car insurance through ChatGPT. While this puts pressure on brokers and increases price transparency, insurers might also see cost savings. AI could help them save money in sales, claims management, and claims assessment.
AI stocks rise after Super Bowl tech ads
AI-related stocks saw a boost on Monday, with investors showing renewed interest after the Super Bowl. The broadcast featured many advertisements from major AI companies, which seemed to influence the markets. Software and chip stocks tied to artificial intelligence generally rose, indicating a return of risk appetite. Companies like Salesforce, ServiceNow, Palantir, Nvidia, and Microsoft all experienced gains. This strength extended to infrastructure companies such as CoreWeave and Corning, as investors considered AI demand across various sectors.
Alibaba releases Zvec a new embedded vector database
Alibaba Tongyi Lab has open-sourced Zvec, an embedded vector database designed for edge and on-device AI applications. Zvec works like "the SQLite of vector databases," running as a library within an application without needing an external server. It helps with retrieval augmented generation (RAG) and semantic search on devices like laptops and mobile phones. Zvec offers vector-native indexing, storage, and crash safety, making it ideal for local, lightweight AI tasks. The database is built on Alibaba Group's Proxima engine and is available under the Apache 2.0 license.
AI sales assistant market to grow rapidly by 2033
The global market for AI sales assistant software is expected to grow significantly, from US$ 3.2 billion in 2026 to US$ 14.2 billion by 2033. This rapid growth comes from more companies using digital tools and advanced AI. These software solutions help sales teams by automating tasks like lead scoring and customer follow-ups, allowing them to focus on important activities. Cloud-based solutions are most popular due to their flexibility and easy integration with other tools. North America currently leads the market, but Asia-Pacific is growing the fastest, with retail and e-commerce showing great potential.
AI startups use bold stunts to grab attention
Many AI startups are using unusual and bold marketing stunts to stand out in a crowded market. With over 10,000 AI startups competing, companies are looking for memorable ways to get noticed. For example, Lunos hired a cowboy to ride a horse through Wall Street to promote its AI for accounts receivables. Artisan AI used a performer in a cage with a sign saying "AI is coming for your job." These stunts aim to create viral content and drive online conversations, especially on platforms like LinkedIn.
Memory chip stocks benefit from AI demand
The past quarter has been notable for AI-related stocks, especially those in the memory chip business. DRAM and NAND flash memory chips are very important for data centers that power AI systems. However, there is not enough production of these memory chips to meet the high demand from AI. This shortage also affects the supply needed for other products like PCs and smartphones. Companies like flash memory maker Sandisk are seeing benefits from this increased demand.
Sources
- Altruist Adds AI Tax Planning to Hazel Platform
- AI Disruption Fears Slam Charles Schwab, Wealth Managers
- Altruist expands Hazel AI with tax planning capabilities
- Why agentic commerce is the new front door to retail
- Companies Launch Myriad AI Products for Retailers and Brands at NRF 2026
- Innovation at AI Speed: Why Security is the Bedrock of Brand Trust
- Avnet Insights Survey: APAC Engineers Accelerate AI Adoption Across Industries
- Insurers Under Pressure: AI Sales Competition via ChatGPT
- AI Stocks Catch a Bid After Super Bowl
- Alibaba Open-Sources Zvec: An Embedded Vector Database Bringing SQLite-like Simplicity and High-Performance On-Device RAG to Edge Applications
- AI Sales Assistant Software Market Set for Rapid Growth Driven by Automation and Smart Selling
- Cowboys, lassos, and nudity: AI startups turn to stunts for attention in a crowded market
- It’s Been a Memorable Quarter for These AI Stocks
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