Block cuts nearly half its workforce as it adopts more artificial intelligence

Block, the payments company co-founded by Jack Dorsey, is cutting its workforce by about 40%, which amounts to roughly 4,000 jobs. The company says it is making these cuts because it is embracing artificial intelligence tools.

Block's stock price rose sharply after the announcement. Dorsey, who is the CEO, said most other companies are behind in making similar moves to use AI and will likely follow the same path.