Block's layoffs aren't the AI warning shot you think they are

Square and Cash App parent Block (XYZ) made history on Thursday when it announced it would lay off 40% of its 10,000 employees, part of a bet that CEO Jack Dorsey said is related to "a new way of working which fundamentally changes what it means to build and run a company." Immediately, shares of the company jumped 20% in the after-hours trade, a sign that Wall Street was cheering "the largest workforce reduction as a share of total employees in the S&P 500." And what gave the moment gravity wasn't just t ...