Barry Silbert, Founder and CEO, Digital Currency Group
David A. Grogan | CNBC
Genesis Trading, the embattled crypto lending arm of Barry Silbert’s Digital Currency Group, has cut headcount by 30% as it faces increasing pressure from creditors and the looming threat of bankruptcy, according to a person with knowledge of the matter.
Genesis had already laid off 20% of its workforce and last year replaced its CEO. Silbert’s crypto conglomerate, which includes the Grayscale Bitcoin Trust (GBTC) and mining company Foundry, was hit by the market tumult of 2022 and the bankruptcy of crypto hedge fund Three Arrows Capital.
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About 60 positions were eliminated, said the source, who asked not to be named because the numbers are confidential. A total of 145 jobs have now been cut. The latest reduction comes a day after interim CEO Derar Islim told clients that Genesis needed more time to solve its financial crisis.
Genesis engaged bankruptcy professionals shortly after the collapse of crypto exchange FTX and its sister hedge fund Alameda Research. The Wall Street Journal reported that Genesis had sought an emergency loan of $1 billion shortly after the implosion of Alameda, which was a major Genesis client. Genesis froze redemptions for all clients after FTX filed for bankruptcy protection on Nov. 11.
Silbert has come under fire as a result of the redemption freeze. Earlier this week, Cameron Winklevoss, a Genesis client and CEO of crypto exchange Gemini, accused Silbert of engaging in “bad faith” stalling tactics and demanded a solution to the liquidity crisis at Genesis. He said DCG owes $1.675 billion to Gemini customers.
Silbert responded on Twitter by saying that DCG never borrowed $1.675 billion from Gemini and “is current on all loans outstanding.”
Artificial intelligence robot looking at futuristic digital data display.
Yuichiro Chino | Moment | Getty Images
Businesses are turning to artificial intelligence tools to help them navigate real-world turbulence in global trade.
Several tech firms told CNBC say they’re deploying the nascent technology to visualize businesses’ global supply chains — from the materials that are used to form products, to where those goods are being shipped from — and understand how they’re affected by U.S. President Donald Trump’s reciprocal tariffs.
Last week, Salesforce said it had developed a new import specialist AI agent that can “instantly process changes for all 20,000 product categories in the U.S. customs system and then take action on them” as needed, to help navigate changes to tariff systems.
Engineers at the U.S. software giant used the Harmonized Tariff Schedule, a 4,400-page document of tariffs on goods imported to the U.S., to inform answers generated by the agent.
“The sheer pace and complexity of global tariff changes make it nearly impossible for most businesses to keep up manually,” Eric Loeb, executive vice president of government affairs at Salesforce, told CNBC. “In the past, companies might have relied on small teams of in-house experts to keep pace.”
Firms say that AI systems are enabling them to take decisions on adjustments to their global supply chains much faster.
Andrew Bell, chief product officer of supply chain management software firm Kinaxis, said that manufacturers and distributors looking to inform their response to tariffs are using his firm’s machine learning technology to assess their products and the materials that go into them, as well as external signals like news articles and macroeconomic data.
“With that information, we can start doing some of those simulations of, here is a particular part that is in your build material that has a significant tariff. If you switched to using this other part instead, what would the impact be overall?” Bell told CNBC.
‘AI’s moment to shine’
Trump’s tariffs list — which covers dozens of countries — has forced companies to rethink their supply chains and pricing, with the likes of Walmart and Nikealready raising prices on some products. The U.S. imported about $3.3 trillion of goods in 2024, according to census data.
Uncertainty from the U.S. tariff measures “actually probably presents AI’s moment to shine,” Zack Kass, a futurist and former head of OpenAI’s go-to-market strategy, told CNBC’s Silvia Amaro at the Ambrosetti Forum in Italy last month.
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“If you wonder how hard things could get without AI vis-a-vis automation, and what would happen in a world where you can’t just employ a bunch of people overnight, AI presents this alternative proposal,” he added.
Nagendra Bandaru, managing partner and global head of technology services at Indian IT giant Wipro, said clients are using the company’s agentic AI solutions “to pivot supplier strategies, adjust trade lanes, and manage duty exposure dynamically as policy landscapes evolve.”
Wipro says it uses a range of AI systems — both proprietary and supplied by third parties — from large language models to traditional machine learning and computer vision techniques to inspect physical assets in cross-border transit.
‘Not a silver bullet’
While it preferred to keep company names confidential, Wipro said that firms using its AI products to navigate Trump’s tariffs range from a Fortune 500 electronics manufacturer with factories in Asia to an automotive parts supplier exporting to Europe and North America.
“AI is a powerful enabler — but not a silver bullet,” Bandaru told CNBC. “It doesn’t replace trade policy strategy, it enhances it by transforming global trade from a reactive challenge into a proactive, data-driven advantage.”
AI was already a key investment priority for global firms prior to Trump’s sweeping tariff announcements on April. Nearly three-quarters of business leaders ranked AI and generative AI in their top three technologies for investment in 2025, according to a report by Capgemini published in January.
“There are a number of ways AI can assist companies dealing with the tariffs and resulting uncertainty. But any AI solution’s success will be predicated on the quality of the data it has access to,” Ajay Agarwal, partner at Bain Capital Ventures, told CNBC.
The venture capitalist said that one of his portfolio companies, FourKites, uses supply chain network data with AI to help firms understand the logistics impacts of adjusting suppliers due to tariffs.
“They are working with a number of Fortune 500 companies to leverage their agents for freight and ocean to provide this level of visibility and intelligence,” Agarwal said.
“Switching suppliers may reduce tariffs costs, but might increase lead times and transportation costs,” he added. “In addition, the volatility of the tariffs [has] severely impacted the rates and capacity available in both the ocean and the domestic freight networks.”
A Zoox autonomous robotaxi in San Francisco, California, US, on Wednesday, Dec. 4, 2024.
David Paul Morris | Bloomberg | Getty Images
Amazon‘s Zoox robotaxi unit issued a voluntary recall of its software for the second time in a month following a recent crash in San Francisco.
On May 8, an unoccupied Zoox robotaxi was turning at low speed when it was struck by an electric scooter rider after braking to yield at an intersection. The person on the scooter declined medical attention after sustaining minor injuries as a result of the collision, Zoox said.
“The Zoox vehicle was stopped at the time of contact,” the company said in a blog post. “The e-scooterist fell to the ground directly next to the vehicle. The robotaxi then began to move and stopped after completing the turn, but did not make further contact with the e-scooterist.”
Zoox said it submitted a voluntary software recall report to the National Highway Traffic Safety Administration on Thursday.
A Zoox spokesperson said the notice should be published on the NHTSA website early next week. The recall affected 270 vehicles, the spokesperson said.
The NHTSA said in a statement it had received the recall notice and that the agency “advises road users to be cautious in the vicinity of vehicles because drivers may incorrectly predict the travel path of a cyclist or scooter rider or come to an unexpected stop.”
If an autonomous vehicle continues to move after contact with any nearby vulnerable road user, it risks causing harm or further harm. In the AV industry, General Motors-backed Cruise exited the robotaxi business after a collision in which one of its vehicles injured a pedestrian who had been struck by a human-driven car and was then rolled over by the Cruise AV.
Zoox’s May incident comes roughly two weeks after the company announced a separate voluntary software recall following a recent Las Vegas crash. In that incident, an unoccupied Zoox robotaxi collided with a passenger vehicle, resulting in minor damage to both vehicles.
The company issued a software recall for 270 of its robotaxis in order to address a defect with its automated driving system that could cause it to inaccurately predict the movement of another car, increasing the “risk of a crash.”
Amazon acquired Zoox in 2020 for more than $1 billion, announcing at the time that the deal would help bring the self-driving technology company’s “vision for autonomous ride-hailing to reality.”
While Zoox is in a testing and development stage with its AVs on public roads in the U.S., Alphabet’s Waymo is already operating commercial, driverless ride-hailing services in Phoenix, San Francisco, Los Angeles and Austin, Texas, and is ramping up in Atlanta.
Teslais promising it will launch its long-delayed robotaxis in Austin next month, and, if all goes well, plans to expand after that to San Francisco, Los Angeles and San Antonio, Texas.
Shares of Intuit popped about 9% on Friday, a day after the company reported quarterly results that beat analysts’ estimates and issued rosy guidance for the full year.
Intuit, which is best known for its TurboTax and QuickBooks software, said revenue in the fiscal third quarter increased 15% to $7.8 billion. Net income rose 18% to $2.82 billion, or $10.02 per share, from $2.39 billion, or $8.42 per share, a year earlier.
“This is the fastest organic growth that we have had in over a decade,” Intuit CEO Sasan Goodarzi told CNBC’s “Closing Bell: Overtime” on Thursday. “It’s really incredible growth across the platform.”
For its full fiscal year, Intuit said it expects to report revenue of $18.72 billion to $18.76 billion, up from the range of $18.16 billion to $18.35 billion it shared last quarter. Analysts were expecting $18.35 billion, according to LSEG.
“We’re redefining what’s possible with [artificial intelligence] by becoming a one-stop shop of AI-agents and AI-enabled human experts to fuel the success of consumers and small and mid-market businesses,” Goodarzi said in a release Thursday.
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Goldman Sachs analysts reiterated their buy rating on the stock and raised their price target to $860 from $750 on Thursday. The analysts said Intuit’s execution across its core growth pillars is “reinforcing confidence” in its growth profile over the long term.
The company’s AI roadmap, which includes the introduction of AI agents, will add additional upside, the analysts added.
“In our view, Intuit stands out as a rare asset straddling both consumer and business ecosystems, all while supplemented by AI-prioritization,” the Goldman Sachs analysts wrote in a note.
Analysts at Deutsche Bank also reiterated their buy rating on the stock and raised their price target to $815 from $750.
They said the company’s results were “reassuring” after a rocky two years and that they feel more confident about its ability to grow the consumer business.
“Longer term, we continue to believe Intuit presents a unique investment opportunity and we see its platform approach powering accelerated innovation with leverage, thus enabling sustained mid-teens or better EPS growth,” the analysts wrote in a Friday note.