The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF (http://bit.ly/3vTiACF). Jack Dorsey’s Block is cutting 4,000 employees, reducing its workforce by nearly half as the financial technology firm places a bet on artificial intelligence changing the future of labor productivity. Block has been restructuring its business model and staffing since 2024 as the company’s stock has lagged. At the same time, the company has invested heavily in artificial intelligence tools to run more efficiently, including building its own tool called Goose. The reduction in force, which was announced in a shareholder letter on Thursday, comes after rolling job eliminations that have often been tied to annual performance reviews. The move by Block is the latest indication of the havoc that new AI tools are wreaking on the economy and financial markets. In the shareholder letter, the company highlighted strong financial performance over 2025 including gross profit growth that more than doubled from the first quarter to the fourth quarter. Dorsey, the company’s co-founder, touted how the company has reignited growth of users of its peer-to-peer payments app Cash App, scaled its lending products and accelerated Square gross payment volume. Block reported gross profit of $10.36 billion in 2025, up 17% year-over-year. Today's show features: Bloomberg News Fintech and Crypto Reporter Emily Mason on Block's massive staff cuts Chris Miller, Professor of International History at The Fletcher School at Tufts University, on the geopolitical forces shaping the global ecosystem for semiconductors Steven Dickens, CEO and Principal Analyst of HyperFRAME Research, with Nvidia earnings analysis and a lookahead to CoreWeave earnings after the bell Bloomberg News National Security Reporter Jaime Tarabay on Hillary Clinton’s closed-door testimony related to her connections to the late Jeffrey Epstein, and allegations that the Department of Justice withheld some files in the Epstein case due to an abuse claim against President Trump See omnystudio.com/listener (https://omnystudio.com/listener) for privacy information. Carol Massar and Tim Stenovec bring together the latest news from the world of business and finance and the interesting stories of global technology, politics, economics and more by harnessing the power of Bloomberg Businessweek reporters and editors. Subscribe to Bloomberg Podcasts: https://bit.ly/BloombergPodcasts Listen to more of Bloomberg Businessweek: https://youtube.com/playlist?list=PLe4PRejZgr0NDtGW4nghKtCxl6SCdFJfq #Bloomberg #Podcast #News #Businessweek Visit us: https://www.bloomberg.com/podcasts Follow Bloomberg Podcasts on Twitter: https://twitter.com/podcasts Visit our other YouTube channels: Bloomberg Television: https://www.youtube.com/@markets Bloomberg Originals: https://www.youtube.com/bloomberg Quicktake: https://www.youtube.com/@BloombergQuicktake For coverage on news, markets and more: http://www.bloomberg.com/video