Block CEO Jack Dorsey lays off nearly half of his staff because of AI and predicts most companies will make similar cuts in the next year

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For Block, AI implementation has bolstered the company’s operations. “We’re not making this decision because we’re in trouble,” Dorsey noted in his X post. “Our business is strong.” The company reported a gross profit of $2.87 billion in the fourth quarter, up 24% year over year.