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Tech Industry Grapples with AI Impact, Stablecoin Competition, and Other Developments
The tech industry faced a multifaceted week, marked by discussions surrounding AI-related layoffs, increased competition in the stablecoin market, the surprising success of an Amazon-backed documentary, India's bid to attract AI infrastructure, and Bill Gates' denial of accusations stemming from the Epstein files.
A debate emerged regarding the true reasons behind recent layoffs at tech companies. Some companies, including Amazon and Pinterest, cited AI as the primary driver for over 50,000 job cuts in 2025, according to TechCrunch. However, a New York Times article suggested that some companies might be using "AI-washing" to mask other underlying issues, such as over-hiring during the pandemic. A Forrester report published in January further fueled this skepticism, arguing that "many companies announcing A.I.-related layoffs do not have mature, vetted A.I. applications ready to fill those roles," according to TechCrunch.
Meanwhile, the stablecoin market saw increased activity and competition. Tether CEO Paolo Ardoino engaged in a significant media push, appearing in Fortune, Bloomberg, Reuters, and TechCrunch. This blitz coincided with Tether's launch of USAT, a U.S.-regulated stablecoin issued through Anchorage Digital Bank, designed to comply with new federal rules and directly compete with Circle's USDC, according to TechCrunch. Fidelity Investments also entered the fray, launching its own competing stablecoin on Wednesday, joining JPMorgan Chase and PayPal in a growing market. TechCrunch noted this shift as a significant change, as Ardoino had previously avoided the United States while regulators scrutinized Tether from offshore.
In other news, "Melania," a documentary about former First Lady Melania Trump, exceeded box office expectations, earning an estimated $7.04 million on its opening weekend, according to TechCrunch. The documentary ranked third overall, behind "Send Help" ($20 million) and "Iron Lung" ($17.8 million). Amazon acquired the documentary for $40 million and is reportedly spending $35 million on promotion. Despite the strong opening, TechCrunch reported that it is unlikely to make a profit in theaters, noting that Amazon's bid was $26 million higher than Disney's, leading some critics to believe the deal was not solely based on the film's potential.
India made a bold move to attract global AI workloads. Finance Minister Nirmala Sitharaman announced a proposal to offer foreign cloud providers zero taxes through 2047 on revenues from cloud services sold outside India, provided those services are run from Indian data centers, according to TechCrunch. The proposal, outlined in the country's annual budget, aims to incentivize investment in AI computing infrastructure within India. Sales to Indian customers would be routed through locally incorporated resellers and taxed domestically, Sitharaman told parliament, according to TechCrunch. The budget also proposes a 15% tax incentive for local companies investing in research and development.
Finally, Bill Gates addressed accusations related to his connection with Jeffrey Epstein. Reports of Gates' connections with Epstein grew more lurid with each release of documents from the Department of Justice, according to The Verge. Emails claimed Gates contracted an STD and wanted to surreptitiously give Melinda antibiotics. Bill Gates stated that the accusations contained in the Epstein files are "absolutely absurd," according to The Verge.
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