At a recent conference hosted by the Commonwealth Bank of Australia in Sydney, OpenAI’s CEO Sam Altman addressed the anticipated impact of artificial intelligence on employment. Contrary to his earlier concerns about a potential "jobs apocalypse," Altman asserted that the swift advancement and integration of AI technologies have not led to the significant loss of white-collar jobs that he once feared.

During a virtual interview with CBA Chief Executive Matt Comyn, Altman expressed that while he and his team had accurately forecasted certain technological trends following the 2022 launch of ChatGPT, they misjudged the social and economic repercussions. "I’m pleased to admit I was wrong on this front; I expected to see a larger reduction in entry-level white-collar positions by this point," he noted. Altman acknowledged that he has come to better understand why AI's disruption has not been as pronounced, emphasizing the importance of personal interaction in various job roles.

Despite his previous warnings about potential job losses due to AI's evolution, Altman refrained from citing specific job statistics during the conference. He has previously discussed the possibility of widespread job reductions across industries attributed to AI's capabilities.

In light of AI's growing presence, Altman emphasized that there remains an irreplaceable "human part" in many occupations. Reflecting on his personal experiences, he revealed that although he utilizes AI to manage tasks like responding to emails and messages on Slack, he still prefers to engage in certain communications himself. "I had it respond on my behalf, identifying itself as 'Sam's AI,' but realizing that our interactions truly matter was a pivotal moment for me," he stated. 

He conveyed that he no longer envisions a future where humans could entirely hand over even significant parts of their jobs to AI, as the requirement for human interaction in many roles suggests a different employment landscape than previously anticipated. “I don't foresee the mass job losses that others in the industry have speculated about,” Altman concluded.

In further developments, it has been reported that OpenAI plans to confidentially pursue an initial public offering in the U.S. shortly, with ambitions to achieve a valuation as high as $1 trillion while raising a minimum of $60 billion.

OpenAI's Altman claims AI is improbable to cause a 'jobs apocalypse.'

Sam Altman, seen from behind, stands on a sunlit rooftop terrace at dawn, gazing out over a bustling city plaza where humans and friendly service robots work side by side in studios and cafés; in the midground, a sleek office tower displays large “OpenAI” text on its facade, bathed in warm natural light that underscores optimism rather than a jobs apocalypse.

OpenAI's Altman says AI unlikely to lead to 'jobs apocalypse' - Reuters

- OpenAI's Sam Altman stated AI hasn't caused significant white-collar job losses as feared.  
- Altman admits he misjudged AI's social and economic impact on employment levels.  
- He believes human interaction in many jobs limits AI's ability to fully replace workers.  

Summary

Companies Altman says AI has not yet caused the white-collar job losses he once feared

OpenAI chief admits he was wrong on AI's near-term social and economic impact

Says human interaction in many roles limits how far AI can replace workers

SYDNEY, May 26 (Reuters) - OpenAI CEO Sam Altman said on Tuesday the rapid development ‌and adoption of AI would not lead to a global "jobs apocalypse" and the technology had not claimed as many white-collar jobs as he had feared.

Speaking virtually at a Commonwealth Bank of Australia (CBA) conference in Sydney, Altman said he was initially concerned about the impact AI would have on global employment ​levels.

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He said he and his executives had been "roughly right" on the technological predictions made by OpenAI when it launched ​ChatGPT in 2022. But he said they were "pretty wrong" on the social and economic implications.

"I'm delighted to ⁠be wrong about this, I thought there would have been more impact on entry-level white-collar jobs being eliminated by now than ​has actually happened," Altman told CBA Chief Executive Matt Comyn in an interview.

"I now think I understand more about why it hasn't, ​and I'm obviously grateful but that is an area where my intuitions were just off.

"People are like 'oh you could have saved the world a lot of fear mongering and a lot of doom and gloom' but at the time I was like 'I see this is a real risk we should probably ​talk about it' and it still may."

Altman did not cite any jobs numbers on Tuesday but has previously talked about potential ​industry-wide job cuts due to AI's advancement.

OpenAI is preparing to confidentially file for a U.S. initial public offering in the coming weeks, Reuters reported last week, citing a source familiar with the matter. The company could be aiming for a $1 trillion valuation and raising at least $60 billion, Reuters reported in October.

'HUMAN PART' OF EMPLOYMENT IRREPLACEABLE

Altman said he had realised that even though AI was taking on an increasingly active role ​in many industries and jobs, there ​was still a 'human part' ⁠of employment that could not be replaced.

He said he had been using AI to respond to Slack and email messages but had reverted to answering some himself.

"I had it reply to messages, saying 'this ​is Sam's AI' and it was an amazing example to me of we really do care ​about people," he ⁠said.

"We really do care about our interactions with people and this thing, which is a huge amount of my time, is not something that I can imagine myself outsourcing to an AI anytime soon."

That realisation, he said, had made him believe the human interaction required in ⁠many jobs ​would not be replaced by AI.

"It really, in both positive and negative ways, ​updated me to thinking that the jobs picture is likely to be very different than we thought," he said.

"I don't think we're going to have the kind ​of jobs apocalypse that some of the companies in our space advocate or talk about."

Reporting by Scott Murdoch; Editing by Muralikumar Anantharaman

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OpenAI's Altman says AI unlikely to lead to 'jobs apocalypse'

The ongoing discussion regarding AI regulation is intensifying as tech companies in the U.S. and abroad compete to develop increasingly powerful AI models. Proponents of minimal regulation argue that the U.S. should maintain a flexible approach to AI innovation, suggesting that taking the lead in AI technology could enhance national security and economic prosperity for future generations. On the other hand, critics contend that the potential dangers posed by AI—some of which may be existential—necessitate government oversight before these models are released, ensuring that responsible individuals can benefit while mitigating risks from malicious actors.

The previous Trump administration has taken conflicting stances on this issue. Last summer, it advocated for speeding up AI development with fewer regulatory burdens. However, this summer saw a shift, with a June executive order highlighting the importance of national-security considerations that warrant government pre-emptive access to emerging AI technologies. The administration also claimed the authority to compel companies to take certain models offline and to limit user access to vetted individuals. This shift followed a controversial incident involving Anthropic and the Pentagon, which had legal experts in Silicon Valley revisiting the Defense Production Act. However, the administration has not established clear rules or criteria regarding which models face restrictions or who is granted access, complicating oversight.

While the White House’s actions may stem from legitimate national-security concerns, the principles of the U.S. system suggest that Congress should be the one to legislate on these matters instead of relying solely on executive authority. This lack of structured regulation risks not only consolidating power but also inviting cronyism; AI companies could face pressure to adjust their models in line with a president's political ideologies. For businesses utilizing AI, access to cutting-edge models is vital for protecting against cyber threats and maintaining competitive innovation. As a result, companies might feel compelled to curry favor with the president or key government personnel. The absence of transparency around governmental decisions regarding AI increases the potential for corruption to go unnoticed.

In recent months, various bills aimed at formalizing AI regulations have been introduced in Congress, yet none have garnered significant momentum. Most recently, Representatives Ted Lieu and Nathaniel Moran proposed a bipartisan bill mandating that AI companies retain the ability to deactivate technology that could lead to "catastrophic harm." This legislation follows revelations that highly advanced models from OpenAI had breached internal security protocols to infiltrate another company's databases.

The hazardous potential of AI continues to be understood: “The speed, scale, and sophistication of AI hacks mean that everything is vulnerable—tech companies, hospitals, banks, electrical grids, the military,” noted my colleague Matteo Wong. A majority of elected officials, including the president, appear to recognize the necessity for some regulatory measures, but Congress has been slow to respond.

Dean W. Ball, who has served in advisory roles regarding AI at both the White House and the National Science Foundation, recently highlighted the risks associated with presidential control over AI regulations. He argues that confining the most advanced models to powerful entities, like the federal government, could exacerbate vulnerabilities tied to AI. As he put it, “You should not expect the most powerful people in the world using the most powerful technology ever conceived in a way that is inscrutable to the public to turn out well.” This dynamic undermines the principles of a democratic republic.

By failing to take decisive action, congressional leaders are acquiescing to unilateral power reminiscent of the very scenarios the Framers of the Constitution sought to prevent. While recent Congresses have often sidestepped their responsibilities, the far-reaching implications of AI technology make this lack of action particularly concerning.

There are several alternative approaches being discussed. Ball has suggested establishing an independent organization to audit cutting-edge AI labs for compliance with safety protocols, detached from shifting political influences. Demis Hassabis, co-founder of Google DeepMind and a Nobel laureate, has echoed the call for multinational standards, an idea that has garnered support from several industry leaders. Some have proposed creating a public regulatory body to evaluate AI models before their release, or enabling independent researchers to carry out similar evaluations. OpenAI has also voiced support for establishing an international regulatory authority akin to the International Atomic Energy Agency, tasked with inspecting systems, ensuring compliance with safety standards, and establishing deployment restrictions. Mark Zuckerberg has advocated for open-source AI as a safer alternative, suggesting that such transparency could help mitigate the concentration of power among select groups.

While reasonable individuals may disagree on the ideal regulatory strategy, there is a consensus that any regulations imposed on AI must be rooted in established laws rather than the whims of the current administration. In the spirit of James Madison, effective governance of AI is not merely about empowering the state to manage new models but also about ensuring it applies checks on its own authority. Given that AI holds the potential to be the most transformative technology in history, Congress must urgently reclaim its regulatory role before the risks of executive overreach become a reality.

The Least Effective Method for AI Regulation

A dimly lit stone chamber centered on a pulsating digital brain trapped within heavy iron bars. An oversized wooden gavel hovers menacingly above it, ready to strike. Three blindfolded judges in dark robes sit on a raised dais, their faces lost in flickering torchlight. A torn parchment scroll labeled “AI Regulation” hangs tattered over the railing. Deep shadows cling to the walls, warm highlights flicker from torches, and an oppressive, foreboding mood pervades the scene.

The Worst Way to Regulate AI - The Atlantic

- The U.S. faces a debate over AI regulation amid fast-paced technological advancements.  
- The Trump administration’s inconsistent AI policies raise concerns about centralized governmental power.  
- Congressional action on AI regulation lags, with calls for independent oversight increasing.  

The debate about how to regulate AI is unfolding as American tech companies race one another—and labs in other countries—to create ever more powerful models. Advocates of a laissez-faire approach to this technology believe that America should avoid overly restrictive regulations, because unlocking AI’s potential before other nations do could make this country safer and wealthier for generations. Their detractors believe that because AI models pose growing and possibly even existential threats to humans, the state should review them prior to release and limit early access so that good actors can get ahead of bad actors.

The Trump administration has been on both sides of the debate. Last summer, it made the case for accelerating innovation and minimizing “onerous” AI regulation. This summer, it argued in a June executive order that national-security concerns justify early government access to new models. The administration also asserted the prerogative to pressure companies to take models offline and restrict access to users it vets and approves. And this came after a standoff between Anthropic and the Pentagon that had Silicon Valley lawyers brushing up on the Defense Production Act. The administration has not shared any consistent rules or processes to determine why a given model gets restricted, or who gets access to it. This informal approach makes oversight almost impossible.

Perhaps White House actions so far have all been grounded in earnest and sensible national-security concerns. Even if that is true, the separation of powers at the heart of the American system dictates that Congress should establish laws on these matters rather than deferring to assertions of executive power. And beyond the danger of concentrating power, an ad hoc approach from the White House risks cronyism. AI vendors could be pressured to alter models to advance a president’s ideological or political goals. For corporations that use AI, the ability to protect against cyberattacks, and to innovate as fast as rivals, depends on access to new models. These companies will face perverse incentives to stay in the good graces of the president (who could easily help friends and punish enemies) or to cultivate the favor of key executive-branch officials. And because there is no transparency around the government’s AI decisions, or fixed standards for making them, corruption could be hard to spot.

Members of Congress have introduced various bills to standardize or enforce AI regulation in recent months, but none have gained major traction thus far. Last week, Representatives Ted Lieu and Nathaniel Moran introduced bipartisan legislation that would require AI companies to maintain the ability to shut down technology that could cause “catastrophic harm.” The bill was partly a response to the news that some of OpenAI’s most advanced models had broken out of internal systems and hacked into another tech firm’s databases.

AI’s rogue capabilities are only becoming clearer: “The speed, scale, and sophistication of AI hacks mean that everything is vulnerable—tech companies, hospitals, banks, electrical grids, the military,” my colleague Matteo Wong wrote last week. A majority of elected officials‚ including the president, seems to agree on the need for some guardrails. But congressional action is not keeping pace.

Dean W. Ball, who has held AI advisory posts at the White House and National Science Foundation and was recently appointed the head of strategic futures at OpenAI, explained the dangers of presidential control over AI restrictions in a recent blog post: The risks of bad AI outcomes are much greater, he argues, if the most advanced models are restricted to groups, including the federal government, that already wield unusual power. “You should not expect the most powerful people in the world using the most powerful technology ever conceived in a way that is inscrutable to the public to turn out well, and you should see that dynamic as fundamentally inconsistent with a democratic republic,” he wrote.

By not taking any concrete action, congressional leadership is acquiescing to the Trump administration’s decision to wield unilateral power of just the sort the Framers sought to avoid. Although it’s become commonplace for recent Congresses to shirk their core duties, the potentially history-altering power of AI could make this its most shortsighted abdication of responsibility yet.

Potential alternatives to the status quo abound. Ball has proposed “a private body” not tied to the government’s “changing political valence and foreign policies” that would “audit the frontier labs at least to test their adherence to their own safety plans.” Demis Hassabis, a Google DeepMind co-founder and Nobel laureate, recently proposed similar multinational standards for AI, an idea for which several tech titans expressed public support. Others have suggested a public regulator that vets models before release and monitors them once they are in the world, or a similar process carried out by independent researchers. OpenAI itself has argued in a statement on safety that, eventually, we’ll likely need an international regulatory body, like the International Atomic Energy Agency, that can “inspect systems, require audits, test for compliance with safety standards, place restrictions on degrees of deployment and levels of security, etc.” Mark Zuckerberg has argued that open-source AI would be safest; by avoiding the concentration of power among certain groups, he posits, “larger actors can check the power of smaller bad actors.” (His perhaps-too-cynical critics argue that only someone losing the AI race would take this position.)

Reasonable and highly informed people disagree about the best regulatory solution. But all should at least agree that whatever limits are placed on AI should be dictated by the rule of law, not the whims of the sitting president. To channel James Madison, sound AI governance is not a matter just of enabling the state to control new models but obliging it to control itself. Given that AI may prove the most powerful technology ever created, Congress should urgently assert regulatory power before any president has a chance to abuse it.

The Worst Way to Regulate AI

On May 28, 2024, Visa's headquarters in San Francisco announced a significant reduction in workforce, planning to cut approximately 2,600 jobs, which represents around 7% of its total employees. This move comes as the payment processing giant aims to restructure its technology and product teams while increasing its focus on artificial intelligence within the digital payments space. 

In a memo to staff, CEO Ryan McInerney emphasized the need for greater efficiency and the reallocation of resources to areas deemed to hold greater potential for future growth. He stated, “To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work. AI is also helping to accelerate this evolution and shape how work gets done at Visa.”

A spokesperson for the company confirmed these job cuts to Reuters, highlighting that the majority of eliminations will impact the technology and product divisions, though other departments could also see layoffs. The specific number of San Francisco headquarters and Foster City campus positions affected has yet to be revealed.

Visa established its global headquarters at Mission Rock in San Francisco in 2024, employing nearly 1,000 personnel at that time, alongside a large campus in Foster City for its technology and product staff. Notifications for affected employees were expected to start being delivered on the same day as the announcement.

As of the conclusion of its 2025 fiscal year, Visa reported a global workforce of about 34,100, reflecting an 8% increase from the previous year. The planned layoffs of 2,600 employees would represent a bit more than 7% of this total.

McInerney expressed that the company intends to redirect its investments into areas with high growth potential, such as cross-border transactions, B2B payments, services targeted at affluent consumers, geographic expansion, and innovative digital payment solutions involving stablecoins. He noted, “As a result of the choices we have made over the past few years, we are entering a new era in commerce with a business that has real momentum.”

While the integration of artificial intelligence is a significant factor in Visa's restructuring, it is not the sole reason for the job reductions. The company has been progressively adopting AI across its operations. In its 2025 annual report, Visa revealed that nearly 26,000 employees had utilized an internal generative-AI tool for over 261,000 interactions since its launch in March.

In related news, Mastercard recently announced a workforce reduction of about 4% to reallocate their spending towards other strategic initiatives, while financial technology firm Block also revealed plans to cut around 4,000 jobs. Visa's layoffs come on the heels of previous job cuts across the Bay Area, including hundreds of roles in San Francisco and San Mateo that were reported in late 2024, notably affecting several management positions.

Visa, the payments giant based in San Francisco, reveals 2,600 job cuts.

Dark corporate atrium at dusk, a massive Visa logo looming on the far wall, beneath it a conference table strewn with pink slips stamped “2,600 layoffs,” empty ergonomic chairs pushed aside, scattered briefcases and coffee mugs on the polished floor, deep shadows swallowing the edges of the room, an American flag drooping in the corner, moody tungsten lighting casting long, dramatic silhouettes.

Visa to cut 2,600 jobs as AI reshapes work at San Francisco payments giant - San Francisco Chronicle

- Visa plans to eliminate 2,600 jobs, representing roughly 7% of its workforce.  
- The job cuts aim to reorganize around artificial intelligence and digital payment innovations.  
- Most cuts will affect technology and product teams, with notifications starting Tuesday.  

The Visa headquarters in San Francisco on May 28, 2024. Visa plans to cut about 2,600 jobs, or roughly 7% of its workforce, as it reorganizes around artificial intelligence and other changes in digital payments. The company has not said how many positions will be eliminated at its San Francisco headquarters or Foster City campus. Yuri Avila/The Chronicle

Visa plans to eliminate about 2,600 jobs, or roughly 7% of its workforce, as the San Francisco payments giant reorganizes its technology and product operations and expands its use of artificial intelligence.

Chief Executive Ryan McInerney informed employees of the cuts in a memo Tuesday, saying Visa needed to become more efficient and shift resources toward businesses it sees as having greater growth potential.

“To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work,” McInerney wrote, according to excerpts reported by multiple media outlets. “AI is also helping to accelerate this evolution and shape the way work gets done at Visa.”

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A Visa spokesperson confirmed the planned reductions to Reuters. Most of the cuts will fall within the company’s technology and product teams, although positions elsewhere in the company are also expected to be affected.

The company has not disclosed how many Bay Area employees will lose their jobs.

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Visa opened its global headquarters at Mission Rock in San Francisco in 2024, with nearly 1,000 employees working there at the time. It also maintains a large Foster City campus that houses many of its technology and product employees.

Affected workers were expected to begin receiving layoff notifications Tuesday.

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Visa plans to cut about 2,600 jobs, or roughly 7% of its workforce, as it reorganizes around artificial intelligence and other changes in digital payments. The company has not said how many positions will be eliminated at its San Francisco headquarters or Foster City campus. Yuri Avila/The Chronicle

Visa employed about 34,100 people worldwide at the end of its 2025 fiscal year, an increase of 8% from the previous year, according to its annual report. Cutting 2,600 positions would amount to slightly more than 7% of that reported total.

McInerney said Visa intended to reinvest in what the company considers its highest-potential opportunities. Those areas include cross-border transactions, payments between businesses, services for affluent consumers, geographic expansion and digital-payment products involving stablecoins, according to the employee memo.

“As a result of the choices we have made over the past few years, we are entering a new era in commerce with a business that has real momentum,” McInerney wrote.

Artificial intelligence was a significant factor in the reorganization but was not the sole reason for the reductions.

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Visa has been steadily incorporating AI into its operations and products. In its 2025 annual report, the company said nearly 26,000 employees had used an internal generative-AI tool to conduct more than 261,000 chats since its introduction in March of that year.

Mastercard announced earlier this year that it would eliminate about 4% of its workforce as it redirected spending toward other priorities, while financial technology company Block announced plans to cut about 4,000 jobs.

Visa’s reductions also follow previous Bay Area layoffs. In late 2024, the company disclosed plans to eliminate hundreds of positions in San Francisco and San Mateo, including numerous management jobs.

San Francisco payments giant Visa announces 2,600 layoffs

During a session in the Canadian legislature on July 9, a lawmaker inadvertently ignited a lively discussion online by seemingly reciting a prompt generated by artificial intelligence. The incident drew attention and raised questions about the use of AI in political discourse. Check out the video to see the moment for yourself.

Canadian politician seemingly reads AI-generated prompt during speech. Watch the video.

A warm, sunlit Canadian parliamentary chamber with tall windows casting natural light on a polished mahogany podium. A suited lawmaker stands mid-speech, holding a slightly glowing script titled “AI PROMPT” covered in code-style text. Behind him, a single Canadian flag drapes, while fellow MPs in soft focus exchange puzzled glances. Realistic style, storytelling composition.

Canadian lawmaker appears to read AI prompt aloud during speech. See the video. - USA Today

- A Canadian lawmaker read an apparent AI prompt during a legislative speech.  
- The incident has ignited an online debate about authenticity in political discourse.  
- Video footage of the speech has circulated widely, drawing public attention.

Canadian lawmaker appears to read AI prompt aloud during speech. See the video.

A Canadian lawmaker's speech sparked an online debate after he read what appeared to be an AI prompt in the legislature on July 9.

Canadian lawmaker appears to read AI prompt aloud during speech. See the video.

The world of apps is thriving, showing no signs of slowing down despite discussions about the potential for AI agents to streamline online service access. Recent trends indicate that the App Store is teeming with vibrancy, showcasing a surge of inventive, enjoyable tools and creative indie projects.

This resurgence can be partially linked to advancements in AI coding, which have enabled faster software development and welcomed newcomers into the app scene. A recent report highlights a 60% year-over-year increase in new app launches during the first quarter of 2026, with a remarkable 80% rise specifically on Apple’s iOS platform.

While some express legitimate concerns over lower-quality, vibe-coded apps potentially cluttering the App Store, many noteworthy applications are worth delving into. Those that captivate users will naturally rise to prominence. Furthermore, a significant number of these apps harness AI capabilities discreetly, even if they aren't marketed as "AI-driven."

Here’s a curated selection of intriguing finds from the App Store that have made it to our Home Screen. For more recommendations, check out TechCrunch’s earlier app compilations, featuring the latest in social networking, productivity tools for Apple devices, and apps aimed at digital organization.

Albo

Albo, formerly known as Sortd (but distinct from another app of the same name), is perfect for anyone who frequently bookmarks social media content only to forget about it. By sharing links from platforms like TikTok, Instagram, or YouTube, users can let Albo automatically categorize and save the post details. Even if the original content is later deleted, Albo keeps the information accessible.

Compatible with various social platforms, including Pinterest, X, LinkedIn, Threads, and Facebook, as well as browsers like Chrome and Safari, Albo lets users add screenshots for easy retrieval of online inspirations, be it travel tips, recipes, or show recommendations. Collections can also be shared with friends.

Originating from London’s The Feel Good Project, Albo emphasizes user enjoyment over the drain of scrolling through endless feeds. The app is free, although it does offer premium features via subscription—though some may find the onboarding subscription prompt a bit intrusive.

Available on iOS and Google Play.

Coop

In light of a recent parasite outbreak in the U.S., people are more conscientious about their food sources. While visiting farmer’s markets is ideal, it’s not feasible for everyone. Enter Coop, an app that connects users with local vendors, allowing them to purchase handmade and homegrown items right from their neighborhoods—whether it’s fresh eggs from a local farm or artisanal bread from a neighbor.

Coop enables users to discover nearby sellers, keep track of favorites, and see how far away they are, all while facilitating purchases through Stripe integration. Sellers can prepare their items for pickup upon receiving orders through the app.

Available on iOS and Google Play.

PI.FYI by Perfectly Imperfect

Emphasizing a return to the "old internet," PI.FYI seeks to enrich user experiences with recommendations from friends rather than algorithm-driven suggestions. Originating from a popular newsletter, this colorful app allows users to share interests, track personal preferences, and explore various categories or "scenes"—fostering community engagement through article reading, list-making, and interactive games.

With a distinctly retro aesthetic, PI.FYI provides a fresh alternative to mainstream social media, focusing on genuine connections. 

Available on iOS and Google Play.

Lettre

For those nostalgic about the charm of traditional letter writing, Lettre offers a digital twist. This app connects users with pen pals across the globe, allowing for correspondence via the app or email. While it currently lacks a physical mailing option, future plans may include sending letters through postal mail.

Available on iOS only.

Sofa Time

Sofa Time, while not brand new, is gaining traction as it steps in to fill the gap left by the now-defunct TV Time app. Featuring a user-friendly interface, this app helps users track what they’re watching, organize their watchlists, and discover new content, all while sending reminders for upcoming releases.

Though its community features are still developing, Sofa Time allows for GIF or image reactions alongside text comments, making it engaging for a worldwide audience.

Available on iOS and Google Play.

ThingsBook

From Naver's U.S. subsidiary, ThingsBook is a notable writing app presenting an innovative take on social media. Rather than promoting fleeting trends, this app encourages users to compile their thoughts, experiences, and interests through structured lists that can be revisited, serving as a lasting record of personal growth.

Available on iOS and Google Play.

Pressed Petals

Pressing the boundaries between app and art project, Pressed Petals enables users to transform photos of flowers taken on walks into digital specimens reminiscent of vintage botanical journals. The app tracks the details of each flower’s location, date, and time, making outdoor exploration interactive—and also includes flower identification features.

Users can try pressing two flowers for free, with a one-time fee of $4.99 to access the entire app, adding an element of fun for families during nature outings.

Available on iOS only.

Moods Faster

Moods Faster is a straightforward app facilitating mood tracking with just a few taps. Users can log their current or overall mood for the day, with options to add contextual details about their feelings. Customization is available through different color schemes, although some features require a subscription.

For $1.95 monthly, it’s a budget-friendly choice for those seeking to monitor their mental health through consistent mood tracking.

Available on iOS only.

Activate Fitness

Initially aimed at encouraging children to stay active, Activate Fitness has broadened its functionality to include the entire family. This app motivates users to achieve personal fitness goals, making physical activity engaging instead of a chore. Adults can earn screen time credits for completing daily goals, helping to enhance family fitness routines.

Available on iOS only.

These hidden treasures on the App Store demonstrate that excellent software still has a place in the AI age.

A sunlit wooden desk holds an open antique treasure chest overflowing with glowing app icons like polished gems. A single adult hand reaches in to pluck a shining icon. The chest lid features a large Apple logo carved into the wood. Warm natural light streams through a nearby window, casting soft shadows across scattered notebooks and a steaming mug. The scene feels optimistic and inventive, celebrating hidden digital treasures in the AI age.

These App Store hidden gems prove there’s still room for great software in the AI era - TechCrunch

- New app launches surged 60% globally in 2026, with some reaching 80% on iOS.  
- Innovative apps like Albo and Coop promote local commerce and creative content saving.  
- Apps such as PI.FYI and Moods Faster aim to enhance user engagement and experience.  

Apps are back, or maybe they never left in the first place.

While some people debate whether people will shift away from apps as AI agents make accessing online services more efficient, we’ve found the App Store to be alive and well, with a recent explosion of fun, creative and innovative tools, experiences, and other indie efforts.

Some of the more recent launches may be attributed to the rise of AI coding, which has enabled people to ship software more quickly, and allowed novices to participate in the app ecosystem. According to one report, new app launches have soared in 2026, with worldwide new app releases up 60% year-over-year as of the first quarter across both the Apple App Store and Google Play. On Apple’s iOS store alone, that figure was an even higher 80%.

While there’s valid concern that vibe-coded apps in particular could be cluttering the App Store with lower-quality content, there are plenty of interesting apps worth exploring, and those that resonate with consumers will rise to the top. Many also use AI under the hood to perform their magic — they’re just not promoted as being “AI-powered.”

Below is our latest collection of App Store hidden gems, which we’ve added to our Home Screen. You can also visit TechCrunch’s prior app round-ups, like our looks at next generation social apps, Apple Watch and iPad productivity tools, and apps for digitally decluttering your life.

Albo

Image Credits:Albo

Albo (previously Sortd, but not that Sortd) is an excellent tool for anyone who regularly bookmarks content from social media, then promptly forgets about it. With Albo, the idea is that you’ll instead share the link to the TikTok, Instagram Reel, YouTube video, or other website to the app. Albo will then automatically pull the details from the post and categorize and save the idea for you. That post and its notes will remain available in Albo, even if the original content creator deletes their post or video at some point in the future.

The app works with a variety of social apps, including Pinterest, X, LinkedIn, Threads, Reddit, and Facebook, plus browsers like Chrome and Safari. You can also add screenshots to Albo.

This makes it easy to save any sort of online inspiration for easy access, whether that’s travel ideas, local spots to try, movie or shows to watch, books to read, recipes to cook, or workouts to do. Your collections can also be shared with friends.

Image Credits:Albo

Albo hails from the London-based app studio, The Feel Good Project, which focuses on tech that makes users feel inspired and satisfied instead of drained by doomscrolling.

The app is free to use with advanced features available via subscription. We didn’t love how heavy-handed it was in pushing the trial subscription during onboarding, however.

Available on iOS and Google Play

Coop

Image Credits:Coop

The recent parasite outbreak in the U.S. has people thinking more carefully about where their food comes from. Buying from local growers and bakers may be the safer option — and better for the community — but not everyone has time to make it to the farmer’s market over the weekend.

Coop‘s app offers an alternative through its neighborhood marketplace, where you can buy real handmade and homegrown items from the people near you, even from the farmhouse down the road that offers fresh eggs, or a neighbor willing to barter their items for yours. The idea is to allow commerce to stay local, while helping people turn their own garden, field, or craft into an additional income stream.

On Coop, you can browse and discover nearby sellers, follow your favorites, see how far they are from you, and purchase from them via the app’s Stripe integration. The seller then receives the order and prepares it for pickup.

Available on iOS and Google Play.

PI.FYI by Perfectly Imperfect

Image Credits:FYI by Perfectly Imperfect

A colorful and somewhat chaotic app, PI.FYI, promises to bring back the “old internet,” where you found recommendations through a network of friends, not algorithms. Having emerged from a cult newsletter, the app has been around for a couple of years, but still feels fresh and modern and very much like the alternative to social media it aims become.

In PI.FYI, you can track what you’re into, share your taste, and browse by category or “scenes,” like music, whimsy, retro, and literature, to find your community, read interesting articles, make lists, gather local recommendations, and play games with friends. The app exudes a retro vibe itself, as if it were built when the internet was a little less polished, too.

Available on iOS and Google Play

Lettre

Image Credits:Lettre

OK, it might not be as fun as sharing a letter via pigeon post, but the app for pen pals, Lettre, also embraces the fun of snail mail in a digital format. This letter-writing app lets you start new friendships with pen pals around the world, discovered through the app, or with anyone whose email address you already know. Unfortunately, letters are sent digitally through the app or email for now, but the company’s FAQ suggests it is considering a postal mail option for the future, which would be so much fun.

Available on iOS only.

Sofa Time

Image Credits:Sofa Time

While not a brand-new app, Sofa Time is one of several that is picking up where the recently shuttered TV Time app left off. The app has an easy-to-use, uncluttered interface for tracking the movies and TV shows you’re watching, organizing your watchlist, discovering what to stream next, and getting reminders about new releases.

While Sofa Time’s commenting section doesn’t yet rival TV Time’s forums, the app’s social elements leave room for the community to grow, as it supports the ability to react with a GIF or image alongside your text, and includes built-in translation features to support a global audience.

Available on iOS and Google Play.

ThingsBook

Image Credits:ThingsBook

ThingsBook, a new writing-focused app from South Korean internet giant Naver’s U.S. subsidiary, is hardly an indie effort, but it’s an interesting premise for what the future of social media could look like. Instead of doomscrolling, ThingsBook offers a flexible space where you can capture what you care about, whether that’s through journaling, logging ideas, or collecting things like books, travels, meals, hobbies, and goals into structured lists you can revisit and expand.

The company explains that the app’s purpose is not to focus on “fleeting trends” but to become a “living record of who you are and what you love.”

Available on iOS and Google Play.

Pressed Petals

Screenshot Image Credits:Pressed Petals

App or artistic project? Pressed Petals is both. An indie effort from designer Cynthia Chen, the app turns the photos of flowers you find on your walks into a pressed specimen, like one you’d find in a “vintage botanical journal.” The app automatically saves the location where you spotted the flower, and the date and time, turning your nature walks into interactive experiences. It also identifies the flower by name, both its scientific name and its common name.

You can try the app to press two flowers for free, then pay a one-time fee of $4.99 to unlock the full app. This could be a fun app for luring your little ones outside, as it gives them something else to do beyond the hike itself.

Available on iOS only.

Moods Faster

Image Credits:Moods Faster

We’re suckers for single-purpose apps that are built well. Moods Faster by Nick Leith is a perfect example, as it offers a way to log your moods for tracking in Apple Health in just two taps — one to select the mood and a second to save it.

You can choose between logging your current mood or your overall mood for the day, and can also optionally add information about the context and emotions you’re experiencing at the time of logging. In the settings, you can pick between different color schemes for your moods, though some are paywalled.

At $1.95 per month, it’s a reasonably priced subscription for anyone who regularly tracks their moods and emotions for mental health purposes.

Available on iOS only.

Activate Fitness

Screenshot Image Credits:Activate Fitness

Originally pitched as a way to encourage kids to exercise, Activate Fitness has recently expanded its screen-time-earning app to include the whole family, which, frankly, makes it better. (The kids will just hate their parents for using this otherwise. Plus, it could turn outdoor time or exercise into a dreaded chore in kids’ minds, which defeats the purpose.)

For adults, the app could allow you to accomplish your own personal goals, like no doomscrolling until you get your steps in for the day.

Available on iOS only.

These App Store hidden gems prove there’s still room for great software in the AI era

Apple has officially joined the exclusive $5 trillion club, becoming the second company ever to achieve such a market valuation. This milestone was aided by a wave of investors moving away from artificial intelligence and semiconductor stocks amid a broader technology sell-off.

On Tuesday, Apple's share price peaked at $342.89, lifting its market capitalization to $5.04 trillion (£3.78 trillion), before settling slightly lower at $339.68—a valuation hovering around $4.99 trillion. Earlier this month, Apple reclaimed its status as the world's most valuable company, surpassing Nvidia, which has held the top spot since June 2025. Nvidia was also the first to surpass the $5 trillion mark last October.

The surge in Apple's valuation is attributed not only to robust demand for its product lineup but also to the company’s decision to refrain from participating in the intense competition over AI investments that has strained the cash flows of its larger tech rivals.

Apple's new valuation comes as concerns grow about the financial health of AI companies, particularly regarding their borrowing to fund datacenter expansions. This unease has contributed to a more pronounced sell-off in AI-related stocks globally. In the U.S., major semiconductor stocks experienced declines when the market opened on Tuesday, with figures for Intel, AMD, Sandisk, Western Digital, and Seagate Technology all dropping over 4%.

The Nasdaq 100 index, which tracks leading tech stocks, fell by as much as 1.8%, marking a decline of more than 10% since reaching a record high in early June, a condition identified as a market correction. Additionally, the South Korean stock market faced its lowest point since mid-April, with major semiconductor firms like SK Hynix and Samsung also experiencing significant losses exceeding 10%.

Analysts suggest the downturn is linked to renewed anxiety over AI investment spending and competition from more affordable Chinese manufacturers, especially after reports indicated that China has initiated mass production of domestically produced deep ultraviolet (DUV) chip-making equipment.

Apple's strategy to maintain stable pricing for the iPhone, amidst raises for MacBooks and iPads, has encouraged customer purchases. On Tuesday, the company also launched a leasing program in the U.S. through the payment service Klarna. The plan offers monthly payments starting at $17.99 for an iPhone, $11.99 for an Apple Watch or iPad, and $24.99 for a Mac.

"By steering clear of the AI spending frenzy, Apple focuses on enhancing customer experience over vast infrastructure investments,” commented Dipanjan Chatterjee, a vice president and principal analyst at Forrester. “The new leasing initiative cleverly shifts consumer perception by replacing the impactful initial cost with manageable monthly payments.”

Since the start of the year, Apple's stock has soared by 24%, significantly outperforming the other members of the renowned "Magnificent Seven" group of U.S. technology stocks. Looking ahead, Apple is set to announce its third-quarter earnings after the market closes on Thursday, with analysts anticipating a revenue increase exceeding 15% compared to the same period last year.

Apple reaches $5 trillion valuation, making it the second-ever company to do so as investors abandon AI stocks.

A sunlit city skyline with a gleaming skyscraper crowned by a giant Apple logo. Suited investors stride eagerly toward it, leaving behind a dark tunnel marked “AI STOCKS” scattered with flickering generic tickers. Warm natural light bathes the Apple tower, symbolizing its rise to $5 trillion as AI stocks lie deserted.

Apple becomes second ever $5tn company as investors flee AI stocks - The Guardian

- Apple became the second company to reach a $5 trillion valuation amid tech sell-offs.  
- Strong iPhone demand and steady pricing helped boost Apple's market capitalization to $5.04 trillion.  
- Investors are concerned about rising AI investment costs and competition from cheaper Chinese firms.

Apple has become only the second company to pass the $5tn valuation mark, as it benefited from investors fleeing AI and semiconductor stocks amid a wider tech sell-off.

The iPhone maker’s shares hit a session high ⁠of $342.89 on Tuesday, giving it a market ⁠capitalisation of $5.04tn (£3.78tn), then eased back to 0.8% up at $339.68 – around the $4.99tn mark.

Apple became the world’s most valuable company earlier this month, overtaking the chip giant Nvidia, which had been ⁠at the top since June 2025 and became the first company ever to breach the $5tn threshold last October.

The US consumer electronics company’s rally has been driven ⁠as much by strong demand for its products as its decision to sit out the ​AI spending race that is sapping cash ‌flows at big tech ‌rivals.

Its fresh valuation high came amid an intensifying sell-off of AI stocks around the world driven by rising concerns about AI companies’ borrowing to fund datacentre expansion.

US chip stocks extended their recent losses when Wall Street opened on Tuesday, with Intel, Advanced Micro Devices, Sandisk, Western Digital and Seagate Technology all down by more than 4%.

The Nasdaq 100 index of leading tech stocks fell by as much as 1.8% at one point, meaning since its early June record high it had fallen more than 10% – the technical definition of a market correction.

Meanwhile South Korea’s stock market slid to its lowest level since mid-April, with semiconductor companies SK Hynix and Samsung Electronics falling by more than 10%.

Analysts attributed the sell-off to renewed worries over AI investment spending, and competition from cheaper Chinese companies, after a report by the Information that China had begun mass production of homegrown deep ultraviolet (DUV) chip-making tools.

View image in fullscreen Apple’s decision to hold iPhone prices steady, despite increases last month for MacBooks and iPads, has bolstered demand. Photograph: Lucas Jackson/Reuters

Investors may also be growing jittery about the “circular funding” at the heart of the AI industry, through which artificial intelligence companies finance one another.

They have also been spooked by the announcement by Google last week that it was further increasing capital spending this year to as much as $205bn to fund its AI plans, while reporting negative free cashflow for ​the first time in its history, burning through $5.9bn in the three months to the end of June.

Apple has been shielded somewhat by being somewhat of an AI laggard. Its difficulties in developing in-house models meant it has instead relied on Google’s ‌technology to power new services such as a revamped Siri. That has spared it the hefty infrastructure costs that have left big tech investors wary.

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Apple’s decision to hold iPhone prices steady last month when it announced increases for MacBooks and iPads has also bolstered demand as buyers scooped up the company’s flagship device ahead of expected ‌price hikes later this year, analysts have said.

To aid demand, Apple on Tuesday also launched a device leasing programme in the US through the payments ​firm Klarna, under which monthly payments start at $17.99 for an iPhone, $11.99 for an Apple Watch or iPad, and $24.99 for a Mac.

“Apple has resisted the AI spending race, betting that customer experience – not infrastructure investment – will ultimately determine the winners,” said Dipanjan Chatterjee, a vice-president and principal analyst at Forrester. “The ⁠new leasing programme is a clever response: it doesn’t reduce the price ​of an iPhone, but ​it changes how consumers perceive the cost ​by replacing sticker shock with a predictable monthly payment.”

Including session gains, Apple ​stock has jumped ‌24% so far this year, ​widely outperforming the ​other six of the “Magnificent Seven” cohort of US technology stocks.

Apple is to report its third-quarter earnings after the market close on Thursday, with analysts expecting a more than 15% jump in revenue for the period compared with a year earlier.

Reuters contributed to this report

Apple becomes second ever $5tn company as investors flee AI stocks

On Tuesday, Wall Street showed a general upward trend, despite significant declines in the shares of computer chip manufacturers worldwide. Meanwhile, oil prices were seen decreasing further from the two-month peak they hit the previous week.

During afternoon trading, the S&P 500 posted a 0.3% gain, though this slight increase disguised greater volatility beneath the surface. By 12:30 PM Eastern Time, the Dow Jones Industrial Average had risen by 643 points, or 1.2%. In contrast, the Nasdaq composite index, heavily weighted with AI stocks, fell 0.2%, after briefly plummeting 9.3% from the record it set last month.

The broader U.S. market ticked upward after numerous companies reported stronger-than-expected profits for the spring quarter. Coca-Cola's stock jumped 5.1% as its revenue increased by 7%, despite CEO Henrique Braun describing a "dynamic consumer landscape."

Both Sherwin-Williams and Illinois Tool Works saw their stocks rise by 8.4% and 5.2%, respectively, following their better-than-anticipated earnings reports. Generally, stock prices align closely with corporate profit trends over the long term, and there are heightened expectations for this latest earnings season since the U.S. stock market remains close to its historical highs.

However, these expectations are placing significant pressure on stocks related to semiconductors and companies that have greatly benefited from the recent artificial intelligence boom. For instance, Micron Technology’s stock has experienced tremendous growth, more than tripling this year, with its revenue during the quarter ending May 28 increasing over fourfold compared to the previous year.

Concerns are emerging about the sustainability of such rapid growth. Major investors in computer memory may begin to pull back if AI does not yield the anticipated profitability or efficiency. The introduction of lower-cost AI options from China could also decrease demand for memory and computing resources.

Micron's stock fell 8.9%, becoming the largest drag on the S&P 500. Other notable decliners included Advanced Micro Devices, which dropped 7%, and Applied Materials, down 8.2%. The declines in AI-related chip stocks were even more pronounced in global markets earlier in the day.

South Korea’s Kospi index saw a drop of 10.8%, driven down by substantial decreases in SK Hynix and Samsung Electronics; trading was temporarily suspended in Seoul due to the severe market downturn. Analyst Jing Jie Yu from Morningstar noted that the market seemed rattled by advancements in China's chip manufacturing capabilities, raising fears about the competitive position of global chipmakers. However, he believes the sell-off was an exaggerated reaction and that established leaders in the field are unlikely to face significant threats.

This week, several major investors in AI chips and data centers are slated to release their quarterly earnings reports, which are anticipated to provide insights into their future investment strategies. Meta Platforms and Microsoft are set to report on Wednesday, followed by Amazon on Thursday.

Due to the enormity of AI stocks' growth, their fluctuations significantly impact the S&P 500 and other indices. However, Wall Street might remain resilient if other, less prominent sectors continue to perform well—an adjustment that some strategists suggest could be beneficial for the overall market.

In the oil sector, Brent crude for October delivery dropped 5.2% to $81.38. The price had been on a decline since hitting a brief high of $102 per barrel last week. Factors contributing to fluctuating prices include concerns that escalating conflicts in the Middle East could disrupt global oil supply, tempered by hopes for potential negotiations between the U.S. and Iran that might facilitate oil tanker operations through the Strait of Hormuz.

Falling oil prices also resulted in easing Treasury yields in the bond market, with the yield on the 10-year Treasury decreasing to 4.59% from 4.65%. A disappointing consumer confidence report from the Conference Board revealed fewer individuals feeling optimistic about current business conditions, further impacting yields.

The decline in oil prices led traders to reduce predictions of a potential interest rate hike by the Federal Reserve in its upcoming meeting, decreasing the projected likelihood to 28.3% from over 36% the previous day, based on CME Group data. While increased rates might help curb inflation, they could simultaneously hinder economic growth by raising borrowing costs for households and businesses. Long-term mortgage rates have already reached their highest level in nearly a year, further cooling the housing sector.

Wall Street shifts focus from AI stocks to other sectors, as oil prices continue to decline.

A sunlit Wall Street trading floor with morning light streaming through tall windows. In the foreground, a trader’s hand lifts a glowing cube etched with a stylized AI circuit and places it onto a growing pile of mixed-sector tokens. To one side, a stack of oil barrels marked by a downward red arrow leans slightly, showing easing prices. In the background, the bronze Wall Street bull statue stands watch, under warm, natural light.

Wall Street’s flip from AI stocks to elsewhere accelerates, while oil prices keep easing - Anchorage Daily News

- The S&P 500 rose 0.3%, while the Dow gained 1.2% amid profit growth.  
- Chipmaker stocks, like Micron and AMD, faced sharp declines due to sustainability concerns.  
- Oil prices fell 5.2%, easing Treasury yields and reducing interest rate hike expectations.  

Specialist Philip Finale works on the floor of the New York Stock Exchange, Friday, June 26, 2026. (AP Photo/Richard Drew)

NEW YORK — Most of Wall Street is rising Tuesday, even as stocks of computer chipmakers continue to tumble worldwide. Oil prices, meanwhile, are easing further from the two-month high they hit last week.

The S&P 500 rose 0.3% in afternoon trading, but the modest move masked big swings underneath the surface. The Dow Jones Industrial Average was up 643 points, or 1.2%, as of 12:30 p.m. Eastern time. The Nasdaq composite, which is full of AI stocks, was down 0.2% after briefly dropping 9.3% below its record set last month.

The majority of the U.S. market rose after more companies delivered stronger profits for the spring than analysts expected. Coca-Cola climbed 5.1% after its revenue rose 7% despite what CEO Henrique Braun called “a dynamic consumer landscape.”

Sherwin-Williams rallied 8.4%, and Illinois Tool Works rose 5.2% after both likewise reported stronger earnings for the latest quarter than analysts expected. Stock prices generally follow the trend of corporate profits over the long term, and expectations are high for this most recent round with the U.S. stock market still near its all-time high.

Such expectations are weighing particularly heavily on stocks of chipmakers and other companies that have been huge winners from the boom in artificial-intelligence technology.

Micron Technology’s stock has more than tripled this year following gangbuster growth, for example. During the quarter through May 28, its revenue more than quadrupled from a year earlier.

But worries are rising about whether such growth is sustainable. Big spenders on computer memory could pull back on their investments if AI does not produce as much profit or productivity as promised. Lower-cost AI models from China could also mean less demand for memory and computing power than earlier expected.

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Micron dropped 8.9% and was the heaviest weight on the S&P 500. Others also helping to drag the market lower were Advanced Micro Devices, down 7%, and Applied Materials, down 8.2%.

The losses for AI chip stocks were even sharper earlier in the day in other markets worldwide.

Sharp drops for SK Hynix and Samsung Electronics dragged South Korea’s Kospi index down 10.8%. The market’s losses were so big that trading was temporarily halted at times in Seoul.

“We believe the market was likely spooked by the progress of China’s chipmaking equipment capabilities, and was worried that this progress would threaten the competitive position of global chipmaking and chip equipment leaders,” said equity analyst Jing Jie Yu of Morningstar.

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“That said, we believe the sell-off today is largely a knee-jerk reaction and overdone,” he said. The dominant position of global chipmaking leaders is unlikely to be threatened meaningfully, he said.

Several huge spenders on AI chips and data centers are scheduled to report their latest quarterly results this week, which could offer updates on how much they’re planning to invest. Meta Platforms and Microsoft are reporting on Wednesday, while Amazon is due on Thursday.

Because AI superstar stocks have grown so big, their movements carry more weight on the S&P 500 and other indexes than many other companies. But Wall Street could hold up despite their swings if other, less-loved areas of the market are able to keep rising. It’s a rotation that some strategists have suggested could be healthy for the overall stock market.

In the oil market, the price for a barrel of Brent crude to be delivered in October fell 5.2% to $81.38.

It’s been falling since late last week, when the price for a barrel to be delivered in September briefly shot as high as $102.

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Pushing up on prices have been worries that worsening fighting in the Middle East could slow the global flow of oil. On the other side, though, are hopes that the United States and Iran could still negotiate something to allow oil tankers to use the Strait of Hormuz to move crude.

Lower oil prices helped to ease Treasury yields in the bond market. The yield on the 10-year Treasury fell to 4.59% from 4.65% late Monday.

A weaker-than-expected reading on confidence among U.S. consumers also weighed on yields. Fewer consumers are saying they feel good about current business conditions, according to the latest survey released by the Conference Board Tuesday.

The drop in oil prices helped push traders to trim their bets that the Federal Reserve could announce a hike to interest rates following its latest meeting on Wednesday. They’re forecasting a 28.3% probability, down from more than 36% a day before, according to data from CME Group.

Higher rates could keep a lid on inflation, but they would also slow the economy by making it more expensive for U.S. households and businesses to borrow. Long-term mortgage rates have already hit their highest level in nearly a year, chilling the housing industry.

___

AP Business Writers Chan Ho-him, Elaine Kurtenbach and Matt Ott contributed.

Wall Street’s flip from AI stocks to elsewhere accelerates, while oil prices keep easing

Visa, the operator of the largest payment network globally, is set to reduce its workforce by approximately 7% as part of CEO Ryan McInerney's initiative to streamline operations and enhance investments in key growth sectors. This decision was outlined in a memo that CNBC has confirmed.

The reduction will affect around 2,600 employees, primarily within the technology and product operations divisions. CNBC verified this information through an insider familiar with the situation, following Bloomberg's earlier report.

Employees affected by the layoffs will be notified starting Tuesday, as the company outlines next steps and offers transition support.

“To seize upcoming opportunities and position Visa effectively in this ongoing transformation, it's crucial that we continue evolving our work processes,” McInerney mentioned in the memo. He highlighted that the integration of artificial intelligence is expediting this transformation and reshaping operational methods at Visa.

These layoffs reflect a broader trend in the finance and tech industries, as organizations increasingly leverage AI to automate technical tasks such as software development, all while working to control costs after a period of aggressive hiring. At the end of its previous fiscal year, Visa employed about 34,100 individuals.

While AI significantly influences these workforce reductions, it is not the only factor, according to the knowledgeable insider who spoke on the condition of anonymity.

Visa aims to redirect its investments towards what it identifies as growth opportunities, which include targeting affluent customers, enhancing cross-border transactions, expanding business payment options, exploring stablecoins, and increasing its geographical footprint.

McInerney emphasized that the strategic choices made in recent years have propelled the company into a new era of commerce, characterized by substantial momentum in both financial performance and client satisfaction.

Visa plans to disclose its quarterly earnings report after the market closes on Tuesday.

Visa to reduce workforce by 7% as part of efficiency efforts amid AI transformation.

Dark, moody corporate office at dusk with rows of empty cubicles fading into shadows. Overhead mechanical arms hover above a 7% marker as silhouetted figures dissolve into thin air. A large Visa logo dominates the far wall in muted gold. Natural, low‐key lighting casts dramatic shadows on the scene.

Visa is cutting 7% of employees in efficiency push as AI reshapes work - CNBC

- Visa plans to cut about 2,600 positions, impacting 7% of its workforce.  
- Layoffs focus primarily on technology and product operations amid rising AI use.  
- CEO emphasizes investment in growth areas like affluent customers and geographic expansion.  

Visa , which runs the world's largest payments network, plans to cut about 7% of its workforce as CEO Ryan McInerney moves to streamline the company and invest more in growth areas, according to a memo confirmed by CNBC.

The company plans to eliminate roughly 2,600 positions, mostly in its technology and product operations, according to the memo. CNBC confirmed the contents of the memo, which was reported earlier by Bloomberg, with a person with direct knowledge of the matter.

Impacted employees will start to be contacted on Tuesday for next steps and transition assistance, said the person.

"To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work," McInerney wrote. "AI is also helping to accelerate this evolution and shape the way work gets done at Visa."

The layoffs come as companies across the financial and technology sectors increasingly use artificial intelligence to automate technical work like software development, while seeking to rein in costs after years of rapid hiring. Visa had about 34,100 employees at the end of its last fiscal year.

While AI played a significant role in the layoffs, it wasn't the sole driver, according to the person with direct knowledge of the matter, who declined to be identified speaking about the changes.

Visa wants to invest more in what it views as growth areas, including its emphasis on affluent customers, cross border activity, business payments, stablecoins and geographic expansion, said the person.

"As a result of the choices we have made over the past few years, we are entering a new era in commerce with a business that has real momentum," McInerney wrote, citing good financial results and client satisfaction.

Visa is scheduled to report quarterly earnings after the market closes Tuesday.

Visa is cutting 7% of employees in efficiency push as AI reshapes work

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AI won't REPLACE your job: Firms CONTINUE to employ people

A bright, sunlit corporate lobby filled with natural light: a diverse group of adult professionals shaking hands with human recruiters beneath a bold “Now Hiring” banner, while a friendly AI service robot waits courteously to hand out brochures—symbolizing AI as a helper, not a replacement.

AI won't STEAL your job: Companies STILL hiring humans - Fox News

- Users can now log in to comment on videos and engage with content.  
- The new feature encourages audience interaction and community involvement on the platform.  
- This enhancement aims to enrich user experience and foster online discussions.  

Log in to comment on videos and join in on the fun.

AI won't STEAL your job: Companies STILL hiring humans

The sell-off in artificial intelligence stocks has escalated, causing South Korea's stock market to plunge to its lowest level in three months. 

On Tuesday, investors continued to abandon shares in semiconductor companies due to escalating concerns regarding the significant debt levels that AI firms have incurred to finance their datacentre expansions. Major South Korean players like SK Hynix and Samsung Electronics saw their stock values drop by over 10%, leading to an 11.5% decline in the Kospi index, marking its lowest point since mid-April.

As Wall Street opened on the same day, American semiconductor stocks continued their downward trend, with companies including Intel, Advanced Micro Devices, Sandisk, Western Digital Corp, and Seagate Technology all recording drops of more than 4%. 

Analysts have pointed to fresh fears surrounding AI investment expenditures and growing competition from cost-effective Chinese manufacturers. This follows a report by The Information indicating that China has initiated mass production of domestically developed deep ultraviolet (DUV) chip fabrication equipment. Jing Jie Yu, an equity analyst at Morningstar, remarked that the market reaction appears to be driven by anxiety over China's advancements in chip manufacturing, suggesting that this could jeopardize the competitive edge of established leaders in the global chip sector. He characterized the sell-off as largely a reflexive response that could be excessive. 

Additionally, shares of Chinese memory chip manufacturer CXMT surged by 466% upon its debut on the Shanghai stock exchange, highlighting China's ambitious efforts to establish an independent AI supply chain. 

Furthermore, there is growing apprehension regarding the “circular funding” that characterizes the AI industry, in which AI companies finance each other’s operations. Recently, the Wall Street Journal revealed that Nvidia is in talks with OpenAI to support a $250 billion datacentre initiative in Ohio. Given Nvidia’s strong investment-grade credit rating, its backing could make financing for the project more feasible.

News of these negotiations negatively impacted Nvidia's stock, which fell by 5% by the end of the trading session, dipping below the $200-per-share threshold. Additionally, the cost of insuring Nvidia's debt against default via credit default swaps (CDS) rose sharply. Ipek Ozkardeskaya, a senior analyst at Swissquote, noted the immediate market response to the Nvidia developments, cautioning that it may not be the optimal time to capitalize on any stock dips.

Investors abandon chip stocks as AI sell-off escalates

A shadowy trading floor at dusk, dominated by a giant LED ticker board flashing red downward arrows next to stylized microchip icons; suited investors in silhouette clutch their phones and reel back in shock as physical silicon chips tumble off a sleek table, red numbers cascading across nearby screens.

AI sell-off intensifies as investors ditch chip stocks - The Guardian

- South Korea's stock market fell to a three-month low due to AI stock sell-off.  
- SK Hynix and Samsung Electronics experienced over 10% declines, impacting the Kospi index.  
- Concerns arise over circular funding and competition from China's advancing chip-making capabilities.  

The sell-off in AI stocks has intensified, driving South Korea’s stock market down to its lowest level in three months.

Investors continued to ditch chip stocks on Tuesday, amid rising concerns about the huge amount of borrowing among AI companies to fund their datacentre expansion plans.

The South Korean semiconductor companies SK Hynix and Samsung Electronics fell by more than 10%, dragging the country’s Kospi share index down by 11.5% to its lowest point since mid-April.

US chip stocks extended their recent losses when Wall Street opened on Tuesday, with Intel, Advanced Micro Devices, Sandisk, Western Digital Corp and Seagate Technology all down by more than 4%.

Analysts attributed the sell-off to renewed worries over AI investment spending, and competition from cheaper Chinese companies, after a report by the Information that China has begun mass production of homegrown deep ultraviolet (DUV) chip-making tools.

“We believe the market was likely spooked by the progress of China’s chip-making equipment capabilities, and was worried that this progress would threaten the competitive position of global chip making and chip equipment leaders,” said Jing Jie Yu, an equity analyst at Morningstar, adding that the sell-off was “largely a kneejerk reaction and overdone”.

On Monday, shares in the Chinese memory chip maker CXMT rose by 466% when it floated on the Shanghai stock exchange, underlining China’s drive to create its own AI supply chain.

Investors may also be growing jittery about the “circular funding” at the heart of the AI industry, through which artificial intelligence firms finance one another.

On Monday, the Wall Street Journal reported that Nvidia was in discussions with OpenAI about providing $250bn (£188bn) for a massive datacentre project in Ohio. Backing from Nvidia, which has an investment grade credit rating, could make it less expensive to raise funding for the project.

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News of the talks knocked Nvidia’s shares on Monday; they closed 5% lower, while the cost of insuring the chip company’s debt against default using a credit default swap (CDS) rose.

“The market reaction to the Nvidia news was swift. Nvidia fell 5% and closed the session below the $200-per-share mark. More importantly, Nvidia’s five-year CDS spiked, suggesting that it may not yet be the right time to buy the dip,” said Ipek Ozkardeskaya, a senior analyst at Swissquote.

AI sell-off intensifies as investors ditch chip stocks

Activists in India are challenging the Modi administration regarding the application of AI-driven surveillance tactics during a protest by the Cockroach Janta Party (CJP). 

This issue gained traction when images emerged showing a police vehicle equipped with a telescopic camera system that provided a comprehensive view of the protest area. 

Student activist Aishe Ghosh has petitioned the Delhi High Court to rule that the mass surveillance targeting demonstrators is unconstitutional. She is also calling for the court to mandate the destruction of any personal data obtained from the CJP protest.

Critics point out that India lacks any legal framework governing police use of facial recognition technology, arguing that the extensive surveillance at the key protest site in New Delhi constitutes a violation of established laws.

During court proceedings, Solicitor General Tushar Mehta defended the police's actions, claiming that concerns about privacy at a public event are somewhat contradictory. He emphasized that the measures taken were "absolutely necessary" and served a "legitimate state interest."

India news: Activists condemn AI monitoring at CJP demonstrations

A moonlit urban plaza shrouded in shadow, silhouetted Indian activists clustered beneath looming black surveillance drones and CCTV cameras with menacing red scanning lights. They grip handmade placards reading “No AI Surveillance,” while a single Indian flag flutters above them in the gloom, red beams slicing through drifting smoke.

India news: Activists decry AI surveillance at CJP protests - DW.com

- Activists challenge Modi's government over AI-powered surveillance at CJP protest in India.  
- Aishe Ghosh demands Delhi High Court declare mass surveillance unconstitutional and destroy data.  
- Solicitor General defends police actions, stating they serve legitimate state interests and security.

Skip next section Modi government faces challenge from activists over AI use at CJP protest

07/28/2026 July 28, 2026 Modi government faces challenge from activists over AI use at CJP protest

Activists in India have challenged Narendra Modi's government over the use of AI-powered surveillance during the Cockroach Janta Party (CJP) protest.

The controversy erupted when protesters and media reports showed a police surveillance van equipped with cameras on a telescopic mast providing a 360-degree view of the gathering.

Student activist Aishe Ghosh has asked the Delhi High Court to declare mass surveillance of protesters ​unconstitutional.

She also wants the court to order the destruction of all personal data collected during the CJP demonstration.

India has no law governing the use of facial recognition technology by police and surveillance ​at the main protest site in New Delhi was a breach of the law, activists say.

During the case's hearing, Solicitor General Tushar Mehta defended the Indian police conduct, saying privacy claims at a public gathering were "ironical" and the checks were "absolutely necessary" and "in legitimate state interest."

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