Block's massive layoffs and the AI excuse - anyone else seeing this?

Just saw the news about Block's latest round of layoffs. Apparently, they cut around 4,000 people, nearly half their workforce, and the official reason is 'efficiency gains' and 'advancements in technology'. This feels like the same story we're hearing everywhere else. They're saying tech has made their teams so much more productive that they don't need as many people. Honestly, I'm skeptical. While tech *can* improve things, a 50% reduction seems extreme. Is this really about efficiency, or is it a convenient cover for something else? Maybe broader economic pressures, or just a way to boost short-term stock prices? It's hard not to feel for the thousands of people impacted by this. Makes you wonder about the stability of even big fintech companies right now. Curious to hear if anyone else at Block or in the fintech space is experiencing similar shifts or has insights into what's really going on.