Citi says Block’s big artificial intelligence-related layoffs, along with the company’s user improvements using the technology, will push the stock even higher. The bank, which has a “Buy” rating on the fintech name, raised its price target to $100 from $85. That represents an increase of 43% from Thursday’s close. “XYZ effectively uses AI internally (Goose, Builderbot) and AI-based solutions such as Moneybot and Managerbot,” wrote analyst Bryan Keane. Moneybot is an AI tool for managing and tracking expenses. Managerbot aims to help owners manage their businesses. This is intended to “help further drive end-user engagement and help support middle and high school education.” [gross product] Growth and rapidly expanding margins.” Block shares have risen 33% in the past three months as the company increasingly uses AI. That rally gained momentum in late February when Block CEO Jack Dorsey announced that the company would lay off up to 24% of its employees as part of its efforts to automate its workforce with AI [that are] Everyone is working simultaneously to maintain and grow Cash App [gross product] “growth” and efforts to increase the size of the company, according to Citi. The emerging technology powers Goose, or the company’s open source AI agent framework, which aims to connect large language models with software engineering tasks. It is also used in Builderbot, an internal agent AI tool at Block that can write, review and deploy code.
