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Jack Dorsey's Block (formerly Square) announced plans to cut nearly 50% of its workforce as part of a strategic shift toward artificial intelligence, aiming to streamline operations and focus on AI-driven financial services. Despite the significant job cuts, the company's shares surged over 10% in after-hours trading, reflecting investor optimism about the AI pivot. The move signals growing confidence in AI's potential to transform fintech sectors, with major tech firms increasingly allocating resources to AI innovation. This development could pressure other financial technology companies to accelerate their own AI investments, potentially reshaping market dynamics in the coming quarters.
