Schwab's stock has dropped about 16% since February, falling from $107 to $90. The selloff started when investors got worried about Schwab falling behind a smaller competitor's AI tax planning model. CEO Rick Wurster addressed this recently. He said they are sticking to traditional wealth management instead of chasing high-frequency trading or meme stocks like newer fintechs. They raised their 2026 revenue guidance to roughly $27.4 billion and plan to launch a ChatGPT-style portfolio assistant later this year. The goal is to bring in younger investors, as their average retail client is currently 49. Analysts are still worried that new AI tools might cause customers to move their idle cash, which Schwab uses to generate interest revenue. Wurster claims the market is overestimating this risk.