Tax solutions provider Avalara announced the release of its newest AI offering, Avi for Tax Research, a generative AI-based solution that will now be embedded in Avalara Tax Research. The model is trained on Avalara’s own data, gathered over two decades, which the bot will use for contextually aware, data-driven answers to complex tax questions. 

“The tax compliance industry is at the dawn of unprecedented innovation driven by rapid advancements in AI,” says Danny Fields, executive vice president and chief technology officer of Avalara. “Avalara’s technology mission is to equip customers with reliable, intuitive tools that simplify their work and accelerate business outcomes.”

Avi for Tax, specifically, offers the ability to instantly check the tax status of products and services using plain language queries to receive trusted, clearly articulated responses grounded in Avalara’s tax database. Users can also access real-time official guidance that supports defensible tax positions and enables proactive adaptation to evolving tax regulations, as well as  quickly obtain precise sales tax rates tailored to specific street addresses to facilitate compliance accuracy down to local jurisdictional levels. The solution comes with an intuitive conversational interface that allows even those without tax backgrounds to use the tool. 

For existing users of Avi Tax Research, the AI solution is available now with no additional setup required. New customers can sign up for a free trial today. 

The announcement comes shortly after Avalara announced new application programming interfaces for its 1099 and W-9 solutions, allowing companies to embed their compliance workflows into their existing ERP, accounting, e-commerce or marketplace platforms. An API is a type of software bridge that allows two computer systems to directly communicate with each other using a predefined set of definitions and protocols. Any software integration depends on API access to function. Avalara’s API access enables users to directly collect W-9 forms from vendors; validate tax IDs against IRS databases; confirm mailing addresses with the U.S. Postal Service; electronically file 1099 forms with the IRS and states; and deliver recipient copies from one central location. Avalara’s new APIs allow for e-filing of 1099s with the IRS without even creating a FIRE account.

Chipmaker Nvidia became the first public company in history to scale a $4tn market value on Wednesday as its stock price continues a years-long stratospheric rise.

Shares of the top chip designer rose roughly 2.4% to $164, benefiting from the ongoing surge in demand for artificial intelligence technologies. Nvidia’s chips and associated software are considered world leaders for building artificial intelligence products.

Nvidia achieved a $1tn market value for the first time back in June 2023 and the surge continued unabated with its market value – the total value of its shares – more than tripling in about a year, faster than Apple and Microsoft, the only other US firms with a market value of more than $3tn. Apple was the first company to reach a valuation of $3tn, back in 2022.

Microsoft is the second-biggest US company, with a market value of about $3.75tn. Nvidia’s value is equivalent to 7.3% of the entire S&P 500, Wall Street’s benchmark share index. Apple and Microsoft, account for about 7% and 6%, respectively.

Nvidia has rebounded about 74% from its April lows, when global markets were jolted by Donald Trump’s tariff volley. US export controls forbid Nvidia from selling its most advanced chips to China, a restriction the company has pushed back on.

However, optimism around trade partners reaching deals with the US have lifted stocks of late, with the S&P 500 hitting an all-time high.

Daniel Ives, tech analyst at Wedbush, predicted that more big tech giants will come to join Nvidia in the $4tn market club. “The poster children for the AI revolution are led by Nvidia and Microsoft as both are foundational pieces of building on the biggest tech trend we have seen in our 25 years covering tech stocks on the Street,” he said.

Microsoft will hit $4tn “this summer”, Ives said, “and then over the next 18 months the focus will be on the $5tn … as this tech bull market is still early being led by the AI revolution.”

Reuters contributed reporting