Jack Dorsey made the loudest case yet that AI is already replacing jobs

Jack Dorsey, co-founder and CEO of Block (formerly Square's parent company), announced massive layoffs, cutting about 40% of the company's workforce, reducing staff from over 10,000 to under 6,000. Dorsey explicitly stated that "intelligence tools" have fundamentally changed how companies operate, suggesting other businesses will follow suit within a year. Investors reacted positively, sending Block's stock up significantly, as analysts noted the cuts would boost fintech workforce productivity, particularly in engineering roles where Block is leaning on its in-house AI platform, Goose. While Dorsey acknowledged that Block overhired during the pandemic, taking staff numbers back to 2020 levels, the move is seen as the most significant real-world case study yet supporting the argument that AI is already displacing white-collar jobs at scale, even at strong, profitable software companies.

(Source：CNBC)