Lots of companies are doing this. They invested in LLM tech. Most on the ground realized it doesn't work except in very, very specific circumstances. Upper management either decides they're lying to protect their jobs, or doesn't care and just wants an excuse to reduce "human resource" costs and lays off the people they expected the AI to replace anyway. Short term profits rise while remaining employees are stuck doing double or more work to take up the slack, but with so many companies doing it, they can't leave. Eventually, the bubble will burst anf companies will fail. Retirement funds will take tons of loss to prop up all of the "too big to fail" companies while their smaller competitors die off. Some new bubble will come along and repeat the process. Meanwhile consolidation makes products worse and increases inflation, fraud runs rampant, and crime spikes as more and more people can't afford to live. End stage capitalism as predicted many times over the last few centuries. All we can do is try to survive at this point and keep showing the right wing masses the truth until they either stop following hate driven distractions to their own detriment or the whole system collapses.
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I'm relatively certain most of the masses you describe are still unaware they're being used.
They hear words they like, which come along with actions they can't even put in their reality, so they must be fiction. I've been in an abusive relationship. It's rather like classic Star Trek: No matter how traumatic an experience was, you wake up in the morning, and it's all been reset. You pretend it didn't happen, because if you start seeing a pattern, you suddenly see the problem, which is a very human response.
He decided to let 4,000 people go all at once because “repeated rounds of cuts are destructive to morale, to focus, and to the trust that customers and shareholders place in our ability to lead.”
Ah yes, the Thanos Snap Method.
They always claim it's AI. In my experience they want to sell, and their operations budget just got halved so they look extremely profitable.
Because fuck those people's livelihood, there's money to be made!
Also why you should never trust private equity. Because they'll buy this company, come in, realize what just happened, and their solution will be to...... cut more people and pawn the company off on yet another firm.
2 things :
- If this is true, why same ai tools cannot replace this hippie ceo guy?
- More often ai sounds like a plausible excuse for cutting operational costs of sinking companies. In case of block, just look at how buttcoin performs Same situation was recently with Gemini, they also suddenly felt ai is ready to replace workers and same ai failed to replace ceo dudes
I'm pretty sure there haven't been hippie CEOs since Ben and Jerry.
Yep. This fuckhat is a LinkedIn bro larping as a "normal dude". All CEOs are scum
“can do more and do it better.”
And obviously you verified this claim before fetching the axe, right?
I don't know what Block is, but if I come across it I'll be sure to avoid it.
It's Paypal but with Bitcoin apparently.
But hey, they say they are cutting jobs because of AI. So we have to take them at their word.
Clearly AI and Bitcoin are the future.
That's only a small part, they own Square.
Do you know if Block and Square share the same group of employees?
I don't know where to look for legitimate sources on these things... I tried but got two vastly different numbers (5,000 and 12,0000).
Yes, Square is a product that Block sells. Block was actually called "Square" until relatively recently and Jack Dorsey became obsessed with Blockchain.
They own Square which you've almost certainly used if you ever paid a small vendor via a payment card (as opposed to cash).
Oof.
And their stock went up 24% as a result..
WTF are they doing that still needs 6000 people?
Financial services, so probably transcribing people's shitty scribbled expense reports into actually usable structured data, and doing it flawlessly enough they don't get sued.
Edit: Apparently this is the parent company of Square. That's not something that should really need a huge staff to maintain.
Can we start placing bets on when we find out that the "AI tools" they're using are just sweat shop workers in Bangladesh processing invoices?
Eh, I know this is the anti-AI instance, but reading and interpreting things like that is something you can verifiably get AI to do 90% of the time.
Because 90% accuracy is acceptable for financial institutions ...
I've got an idea. If 90% of AI's output is accurate, just have humans review the 10% that will be inaccurate.
(Yes I am an AI expert, how did you know)
No, it's really not. Thus the 6000 remaining employees.
(Assuming this is a significant part of their business)
Hell USPS has been using machine learning (yes a kind of AI but not the kind they are implying) for years to do that kind of thing.
Kind of
They've had several address resolution centers around the country, where reviewers look at mail and figure out it's address. They don't physically handle the mail, it's an image on a screen.
Iirc they've been doing it this way since the 70s
No? For everything they can they just use OCR and then send it on its way without a human having ever seen it sometimes. If the hand writing is bad enough that the machine can't figure it out that's where the human reviewers come in.
They own Square which is a card processing service typically used by small vendors. If you've ever gone to a festival or concert merch table or farmers market and they accepted credit card, it was probably Square.
Ah, never mind. Weird they don't just call themselves Square.
They were called that for most of their history until Jack Dorsey wanted to change the name to hype some crypto.
Lol!
Okay, that's way too right now. Of course he did.
All this talk is too meta for me.
...Like the company Meta, after they named themselves after the Metaverse.
That worked out swimmingly for them.
Right. So, generating training data :-)
And which departments and skills are they cutting the most?
40%, to save others a click.
That might work out for them. AI has to be intensively supervised but it can be a decent force multiplier.