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Tech firms have cut close to 150,000 jobs in 2026 while citing AI, even as AI-driven IPOs mint vast new fortunes, sharpening questions about who benefits.
Block is a leading payments and fintech company using AI, data, and digital platforms across payments workflows.
California Governor Gavin Newsom signed an executive order directing state agencies to study and mitigate AI-driven job losses through retraining programs, labor protections, and employment support measures.
ServiceNow CEO Bill McDermott warned that rapid adoption of AI agents could significantly reduce job opportunities for new college graduates.
Block is eliminating more than 4,000 roles, nearly 40% of its workforce, as it pivots toward AI-driven automation. Shares surged over 24% in after-hours trading following the announcement.