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Dorsey's Block Fires Nearly Half Of The Company In 'Massive' AI Bet, Sending Shares Soaring
Dorsey's Block Fires Nearly Half Of The Company In 'Massive' AI Bet, Sending Shares Soaring
One week after WIRED reported that things were pretty dismal over at Jack Dorsey's payment processing company Block (formerly Square), the company announced that they are cutting 4,000 employees - nearly half of their headcount - in order to invest 'heavily' in artificial intelligence tools to run more efficiently, including its own called Goose, Bloomberg reports.
The news sent shares up over 30% in after hours trade.
"We are taking bold and decisive action here, but we’re doing it from a position of...
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Aug 2, 2026 / Tyler Durden
Trump Says "Perimeters Of A Deal Reached" With Iran To Reopen Hormuz After Call With Saudi Crown Prince
Trump Says "Perimeters Of A Deal Reached" With Iran To Reopen Hormuz After Call With Saudi Crown Prince
The past few days have been tense. Although no US strikes were launched from Friday night into Saturday morning and the Gulf region remained quiet early Sunday, anticipation surrounding President Trump's next move is keeping energy traders and Gulf governments on edge. The big concern is that another round of strikes could trigger a wider regional conflict, particularly as the Iranian-backed Houthis have reactivated offensive operations in the southern Red Sea in...
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Sep 28, 2026 / Tyler Durden
How The Data Center Debate May Shape The Midterms
How The Data Center Debate May Shape The Midterms
Authored by Jacki Thrapp via The Epoch Times,
Outrage over proposed data centers surged across America, from the Birthplace of Rock 'n' Roll to Kansas corn country, amid a heated U.S. - China technology race, turning server farms into one of the defining issues of the midterm elections this fall.
In some primaries, candidates who backed the artificial intelligence (AI) boom were given the boot by voters who preferred politicians encouraging guardrails - or a hard stop - before big tech turned country...
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Jun 19, 2026 / Tyler Durden
US Private Credit Default Rate Remains At Record High: Fitch
US Private Credit Default Rate Remains At Record High: Fitch
As we have detailed extensively, most recently here: "Blackrock's Private Credit Fund Gates Investors Again After Redemption Requests Surge ", private credit firms continue to face a flood of redemption requests...
And after this week's report from Fitch Ratings, it appears any light at the end of the tunnel is an oncoming train.
As Andrew Moran reports for The Epoch Times, the U.S. private credit default rate remained at a record high in May, according to the latest update from Fitch Ratings.
Private...
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