Published Wed, May 6, 2026 · 01:58 PM

[LONDON/PORTLAND] A spate of AI-tinged job cuts at crypto and payments companies has brought up a curious question for analysts and investors: how does one assess whether the artificial intelligence part is real?

The debate started in February after Block, the owner of Square and Cash App, announced it would cut a whopping 50 per cent of staff, citing a secular change in how AI affects its operations. Gemini Space Station and Crypto.com made similar announcements, followed by Coinbase Global and PayPal Holdings this week.

“The biggest risk now is not taking action,” Coinbase CEO Brian Armstrong posted online on Tuesday (May 5). “We are adjusting early and deliberately to rebuild Coinbase to be…