Companies are cutting tens of thousands of jobs in the name of AI - and the wave may be only just beginning.

TechCentral

Jack Dorsey announced Block will cut over 4,000 jobs — nearly half its workforce — citing AI as the primary driver, not a secondary efficiency gain. This marks a shift from cautious executive rhetoric to explicit AI-driven restructuring. AI-linked layoffs have surpassed 61,000 globally since November, with companies like Amazon and Pinterest also cutting roles. Markets rewarded Block's announcement with a share price rise. Analysts at Morgan Stanley note 21% of S&P 500 companies now report measurable AI benefits, up from 10% a year ago. Economists debate whether AI primarily augments workers or replaces them, with a Citrini Research scenario projecting 10.2% unemployment by 2028. Senior figures including Christine Lagarde and Jamie Dimon acknowledge disruption but expect new jobs to emerge, while critics warn companies like Block risk losing the human creativity that built their best products.

The AI jobs reckoning is here

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