Coinbase CEO explains why he fired engineers who didn’t try AI immediately

Plus more of TechCrunch's top stories this weekend

View this email online in your browser  August 24, 2025 TechCrunch Top 3 Coinbase CEO explains why he fired engineers who didn't try AI immediately: After getting licenses to cover every engineer, some at the cryptocurrency exchange warned Armstrong that adoption would be slow, predicting it would take months to get even half the engineers using AI.  Read More Amazon AGI Labs chief defends his reverse acquihire: The former Adept CEO said he hopes to be "remembered more as "an AI research innovator" than a "a deal structure innovator." Read More Elon Musk says xAI has open sourced Grok 2.5: Elon Musk's xAI has made an older version of its AI model Grok — specifically, the model weights used to shape Grok 2.5 —  available on the open source platform Hugging Face. Read More A message from TechCrunch Events Hear from Elad Gil, Aaron Levie, and more at Disrupt 2025 Disrupt 2025 gathers 250+ industry trailblazers and 10,000+ attendees in San Francisco on October 27–29. Explore 200+ sessions on scaling, exits, and the evolving tech landscape. Hear from Elad Gil (Gil & Co), Astro Teller (X, The Moonshot Factory), Tekedra Mawakana (Waymo), Aaron Levie (Box), and more. Register now to save $600+ before prices climb. Register Now Complete our survey, (maybe) win a prize We want to get to know our audience even better and get your feedback on our coverage and events. Fill out this survey to give us your thoughts, and get the chance to win a prize in return. Take the survey! Sunday Must-Reads Aspiration co-founder to plead guilty to $248M fraud scheme: Joseph Sanberg is accused of falsely inflating revenue and fabricating a letter from Aspiration's audit committee to obtain loans, which the startup ultimately defaulted on. Read More OpenAI warns against SPVs and other 'unauthorized' investments: OpenAI isn't the only AI company looking to crack down on SPVs. Read More StrictlyVC at TechCrunch Disrupt 2025: Inside the LP Track: In an era of extended exit timelines, slowed distributions, and increasingly selective LPs, the conversations behind closed doors matter more than ever. Read More Meta partners with Midjourney on AI image and video models: Meta's chief AI officer said that the company is partnering with Midjourney to license its AI image and video model technology. Read More Nvidia reportedly halts production on its H20 AI chips: Beijing is reportedly urging Chinese companies to turn to domestic chips just weeks after Nvidia got the green light to sell in China again. Read More A message from TechCrunch Events Showcase your brand to 10,000+ tech leaders Get your brand in front of 10,000+ tech and VC leaders over three action-packed days at Disrupt 2025 this October. Boost your visibility, spark meaningful connections, and position your company at the forefront of innovation. Tables are selling fast, and the last day to book is September 5. Secure your exhibit space before your competitor beats you to it. Book Now Last but Not Least iPhone 17, the 'thinnest iPhone ever,' and everything else we're expecting out of Apple's hardware event: From a new slim iPhone Air model to redesigned AirPods, here's what to expect from this year's Apple event. Read More Check out some of our other newsletters: StrictlyVC TechCrunch Events TechCrunch Mobility Want to adjust your daily newsletter schedule? You can do it right here Got a tip? Get in touch securely. Want to advertise on TechCrunch? advertise@techcrunch.com Has this been forwarded to you? Click here to subscribe to this newsletter. Unsubscribe Member Center Privacy Policy Copyright © 2025 TechCrunch Media LLC 501 2nd Street, Suite 650, San Francisco, CA 94107