Coinbase shares dip as firm lays off 14% of employees, citing AI

Shares of Coinbase, America's largest crypto exchange, dipped around 2% intraday on Wednesday after the company announced plans to lay off 14% of its workforce. "AI is changing how we work...I've watched engineers use AI to ship in days what used to take a team weeks," CEO Brian Armstrong said. Shares have tanked 17% so far this year.