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Latest Market News

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Block Announces Major Workforce Reduction Amid AI Shift

Block's CEO Jack Dorsey announced a reduction of nearly half its workforce, citing AI tools that automate work as the reason for the shift, leading to a 24% surge in Block's stock price.

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OpenAI Secures $110 Billion Investment, Valuing Company at $730 Billion

OpenAI raised $110 billion from investors including Nvidia, Amazon, and Softbank, valuing the company at $730 billion. Nvidia and Amazon shares fell following the announcement.

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US Stocks Decline Amid AI Concerns and Inflation Data

US stocks fell as wholesale inflation exceeded expectations and Block's workforce reduction highlighted AI disruption risks. The Dow Jones dropped 1%, the Nasdaq Composite declined 0.8%, and the S&P 500 fell 0.4%.

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