Intuit's stock has fallen 51% in 2026 due to AI competition, with Goldman Sachs downgrading the stock and warning of market share loss. The company is doubling down on AI despite cutting 17% of its workforce.
ClickUp CEO Zeb Evans announced layoffs affecting over 20% of staff, framing it as a proactive restructuring for a "100x org." The company is introducing $1M salary bands for employees building or managing impactful AI systems, emphasizing a shift towards AI-driven productivity and new roles.
Amazon cuts jobs in Selling Partner Services, part of 30,000+ layoffs in 6 months, amid efficiency drive under CEO Andy Jassy, while aggressively investing in AI for long-term growth.
Microsoft CFO Amy Hood announced the company expects headcount to decrease year over year as it evolves operations for increased pace and agility. The announcement follows thousands of job cuts and a voluntary buyout program impacting around 7% of US workforce. The company reported $83 billion quarterly revenue with $32 billion net income, while Azure is forecast to grow 39-40%. Microsoft's first-ever voluntary retirement program targets employees with age plus years of service totaling 70 or more, with about 8,750 workers eligible.
Meta announces 8,000 layoffs (10% of workforce) plus 6,000 unfilled positions, while Microsoft offers voluntary redundancy to about 8,750 US staff (7% of workforce). Both companies cite increased AI investment as reason for cuts, with Meta planning to spend over $160bn in 2026 compared to $120bn last year.
Meta plans to lay off approximately 8,000 employees (10% of workforce) starting May 20, scrapping plans to hire for 6,000 open roles as it doubles down on AI investments. The latest cuts follow several smaller rounds since January targeting metaverse and various business units. The company had 78,865 employees as of December 31, down from 86,482 in late 2022. Meta is also implementing a new employee monitoring tool to collect keystroke and mouse click data for training AI agents.
Meta announced plans to lay off approximately 10% of its workforce, around 8,000 employees, in May 2026, according to a memo from Chief People Officer Janelle Gale. The company will also close around 6,000 open roles. The cuts follow Meta's massive AI investments, including plans to spend $115 billion to $135 billion on capital expenditures in 2026, nearly doubling from $72.22 billion in 2025, to support Meta Superintelligence Labs. Affected employees will be notified on May 20th.
Starbucks is laying off staff within its technology organization as part of a restructuring effort led by CEO Brian Niccol. The company aims to streamline operations and improve efficiency, though the exact number of affected roles remains undisclosed.
Jack Dorsey, CEO of fintech company Block, openly admitted that AI was the driving force behind the company's decision to lay off 40% of its workforce, more than 4,000 employees. The layoffs reduced Block's headcount from 10,000 to about 6,000. Dorsey said the decision crystallized last December after he and other executives experimented with advanced AI models including Anthropic's Opus 4.6 and OpenAI's Codex 5.3. The layoffs were executed within three weeks of the decision, with Dorsey emphasizing he wanted to act with integrity and generosity rather than waiting until the company was under pressure.
Crypto majors are very red following a red Tuesday across markets; BTC -3% at $88,200; ETH -6% at $2,905, SOL -2% at $127; XRP -2% to $1.88. MYX (+11%) and ZRO (+10%) led top movers. Bitcoin and Solana both fell below key technical support levels as selling pressure accelerated. Over $1B in longs were liquidated during Bitcoin’s slide below $88k. Delaware Life added Bitcoin exposure to a fixed indexed annuity by linking performance to BlackRock’s spot BTC ETF, one of the first big moves to expand crypto access inside traditional insurance products. Trump Media announced plans to airdrop crypto tokens to shareholders in February, marking its first onchain incentive tied directly to equity ownership. Coinbase CEO Brian Armstrong traveled to Davos to push for a “win-win” U.S. crypto market structure bill amid renewed regulatory momentum. Portugal’s gambling regulator blocked access to Polymarket, citing unlicensed gambling concerns as prediction markets face mounting global scrutiny. The CFTC warned it is underprepared to take on a broader crypto oversight role, as the agency faces staffing shortages after a roughly 21.5% workforce reduction. Galaxy Digital announced plans for a $100M hedge fund targeting crypto and fintech. World Liberty Fi announced its first annual form at Mar-A-Lago on Feb 18.
