Visa plans to cut about 2,600 jobs, representing roughly 7% of its workforce, with AI cited as a significant but not sole factor. The company will redirect savings into growth areas such as affluent customers, cross-border activity and geographic expansion as it reports quarterly earnings the same day.
A person with direct knowledge told CNBC that AI played a significant role in the layoffs but was not the sole driver.
The cuts come as companies across financial and technology sectors use artificial intelligence to automate technical work such as software development.
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Riot Platforms shares rose more than 20% in pre-market trading after the bitcoin miner entered a $9.1 billion, 20-year agreement to supply an unnamed “frontier AI lab” with 191 megawatts of AI computing capacity at its Texas site. Bloomberg and CNBC reported the customer as Anthropic; neither Riot nor Anthropic has confirmed that identification. The transaction underscores the sector’s transition toward stable revenue streams from AI infrastructure.
Supermassive Games is said to have dismissed over 70 employees after an August redundancy consultation that anticipated as many as 75 cuts. Insider Gaming reports the reductions hit developers, artists, producers and senior management.
Xbox confirmed it is eliminating 268 roles across Halo Studios, other first-party studios, and the XGS management layer, and is reorganizing studios so Activision develops the next Halo while Obsidian moves under Bethesda. Official Xbox Wire says the company is roughly three-quarters through its previously announced 3,200-role restructuring.
Volkswagen's supervisory board has unanimously approved the Future Plan 2030, which includes an additional 50,000 job cuts worldwide to reach a total of around 100,000 and leaves four German plants without secured future vehicle production after 2031-2034. The move aims to reduce costs and improve competitiveness against Chinese rivals, with alternative uses for the factories to be examined by June 2027.
Uber is laying off around 3,000 employees, about 10 percent of its roughly 34,000-person workforce, while requiring nearly all staff to return to offices in a bid to simplify decision-making and redirect savings into growth areas such as autonomous vehicles.
