Block

Block introduced Dessa, a true speech-to-speech model trained from scratch on human speech that aims to preserve conversational timing and emotion. Demos show natural yet occasionally awkward interactions and comparisons favoring Dessa over other voice models. The model can run locally on a MacBook Pro M4 Max or better, and Block will give early access to a small group of AI safety researchers. » More on theverge.com

At the Goldman Sachs conference, Block projected stronger growth and higher margins and raised its 2024 forecast: gross profit growth of 21% and adjusted operating income of nearly $3.5 billion. Management called 2024 a “harvest year” in which earlier investments in products, AI and operations will pay off; adjusted EPS is expected to rise by about 70%. Block plans to return roughly 80% of free cash flow to shareholders and will reinvest savings from a restructuring (40% headcount reduction) into AI, Neighborhoods and market expansion. The lending business and Neighborhoods, management said, still need time to scale, while the Square and Cash App ecosystems show broad momentum. » More on de.investing.com

Block has applied to the Office of the Comptroller of the Currency for a U.S. national trust bank charter to establish Builders Bank & Trust. If approved, the bank would offer custody and other fiduciary services, including for Bitcoin and stablecoins, expanding Block's payment and crypto services. The move follows a trend of crypto firms seeking national charters after several approvals including Coinbase and Circle. » More on finance.yahoo.com

Block has applied to the Office of the Comptroller of the Currency (OCC) for a license for Builders Bank & Trust, N.A., a national trust bank to custody digital assets and provide fiduciary services. The proposed bank would not take deposits and, under federal supervision, would offer tailored custody and security mechanisms for Bitcoin and stablecoin businesses. Lee Woolley is slated to serve as president and CEO of the new institution, and the initiative builds on the existing industrial bank Square Financial Services. The stock reacted muted in after-hours trading; a final operational launch depends on OCC approval. » More on de.investing.com

Block has applied to the Office of the Comptroller of the Currency (OCC) to charter Builders Bank & Trust, N.A. The proposed national trust bank, without deposit insurance, would not accept deposits or make loans but would provide custody and fiduciary services for Bitcoin and stablecoins. Lee Woolley is set to serve as president and CEO; the bank would operate under nationwide OCC supervision and would begin operations only after regulatory approval. With the license, Block aims to create a uniform, nationwide framework to scale custody activities it already offers. » More on de.investing.com