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AI-Linked Job Cuts Spread Across Crypto and Payments Firms After Block's 50% Cut
Block Inc. cut 50% of staff in February and framed the move around a secular change in how AI affects its operations. Gemini Space Station Inc. and Crypto.com made similar announcements, and Coinbase Global Inc. and PayPal Holdings Inc. followed this week. The wave of cuts has raised questions for analysts and investors about whether the AI rationale is substantive.