A few years ago, I received some painful feedback from a consultant hired to conduct a 360 report on me. His conclusion: "Sally Susman only calls when she needs something." People perceived me as overly transactional. Ouch.

• I reacted defensively to the advice to find time to "have a cup of tea" with colleagues. Who the hell sits around sipping tea all day, I thought. Probably people with jobs a lot less stressful than mine. I fumed.
• Yes, but: After cooling off, I had to admit the facts. Often, I came in hot — no warm-up, no verbal foreplay. So I committed to doing better, starting conversations with "How are you?" and truly listening to the answers. If I had a request, I held it until later. Sometimes I called just to say hello.

Why it matters: In-person interaction in the age of AI and social media carries more weight than ever. Research consistently shows that face-to-face connection increases happiness, while heavy digital engagement can increase loneliness.

• An AARP study of adults 45 and older found that chronically lonely respondents were more likely to cope by turning to solitary activities like watching TV or surfing the net. The average American spends about 10 hours a day interacting with various media, per Nielsen.
• And a Canadian survey found that doubling the number of real-life friends shows the same effect on well-being as a 50% increase in income.

Zoom in: Over many cups of tea, I've started to see the power of knowing people, of seeing them in their true three-dimensionality and learning deeper lessons from their stories. Here are a few highlights from recent tea dates:

• I caught up with James Anderson, a gay activist who lived in the tiny apartment next door to me 25 years ago. Today, he leads global government innovation programs at Bloomberg Philanthropies. Turns out we have much in common: family, children and a passion for writing. We exchanged tips on writing and raising kids.
• I also reconnected with Ann Friedman, my best friend when I was the new girl in sixth grade. Our lives went in different directions after high school — she became a potter and a runner, living in ways I often considered off the grid. I moved to New York, worked in big business and was hooked on the grid.
• When Ann's mom passed away, we spoke at length — a wonderful reminder of all those teenage years and close companionship. Ann and her husband are coming to visit us in June. I cannot wait and I am grateful for the connection and context of this, my longest friendship.

The bottom line: Now that I've retired from corporate life and am wading into a deeper professional and personal transformation, I am leveling up my "meet for tea" moments, sparking new connections and rekindling dormant ones.

• I recently dropped the candid consultant a line, thanking him for the wonderful suggestion and for reminding me that feedback remains one of life's greatest gifts.
• I also asked him to let me know whenever he is in New York City, so we can meet for a cup of tea.

Coinbase is the latest in a string of companies to pair layoffs with announcements that AI is changing the way the company operates.

Why it matters: Companies are increasingly blaming AI for job cuts, but the evidence points to a messier mix of automation, cost-cutting and market pressure.

Driving the news: Coinbase CEO Brian Armstrong told employees Tuesday the firm will lay off about 700 workers and rebuild around "AI-native" pods and talent.

• Armstrong first acknowledged market conditions in the layoff memo, citing crypto volatility.
• Coinbase did not respond to a request for comment.

What they're saying: OpenAI CEO Sam Altman has warned that some companies are "AI-washing" layoffs — blaming AI for cuts they might have made anyway.

Zoom out: Coinbase joins Block, Pinterest and Shopify in tying workforce cuts or restructurings to AI, though it is often hard to tell whether automation drove the layoffs or merely helped justify them.

• Of all these companies, Block is the only stock beating the S&P 500 year-to-date. (It popped after announcing its AI-driven job cuts.)
• None of the companies appears to have offered concrete AI productivity metrics on earnings calls before announcing the cuts.
• Goldman Sachs economist Joseph Briggs told Axios that those metrics are one way to separate genuine AI-driven job losses from executive narrative-building.

Follow the money: Some technologists argue the AI-layoff narrative gives employers leverage over workers.

• Mo Bitar, a developer and founder, argued in a recent video that talk of AI-driven job loss can "spook" workers into accepting lower wages.
• Bitar argues that if workers believe AI makes them more replaceable, they may be less likely to ask for raises or switch jobs — freeing companies to redirect more money toward AI software and infrastructure.
• Briggs said that theory "makes sense" in the near term, but historically, productivity gains tend to push wages higher over time — meaning AI could eventually lift pay rather than suppress it.

Yes, but: AI was the single largest cited reason for U.S. layoffs through Q1, per Challenger, Gray & Christmas data.

• Briggs said AI-related layoff claims are most credible at large tech companies, where the technology is already being used heavily and more roles are directly exposed to automation.
• Larger tech firms have already fully corrected from a post-COVID hiring boom, retreating to their long-run employment trends.

Between the lines: For now, AI is creating more jobs than it's killing, in part due to a surge in data center construction, according to Goldman Sachs.

• Just 20% of 1,200 CEOs expect AI to reduce hiring, down from 46% in 2024, per an EY-Parthenon survey out Monday.

The bottom line: AI-linked layoffs may be overstated in the short term, even as the technology reshapes hiring and wages over time.

Go deeper

📑 The Securities and Exchange Commission released a proposal Tuesday that would allow public companies to report earnings just twice a year. (Axios)

🎮 GameStop CEO Ryan Cohen struck a combative tone in an interview on CNBC's "Squawk Box" this week, offering few details on the financing for his bid to acquire eBay. (CNBC)

😌 Optimism about the economy, particularly around AI, is dwarfing anxiety about the Iran war, its supply disruptions and inflationary pressures, Milken attendees tell Axios' Emily Peck. (Axios)

🪦 Spirit Airlines' collapse was swiftly followed by a blame game. It's impossible to know if a JetBlue-Spirit merger would have saved Spirit in the long term, Axios' Dan Primack writes, given several other contributing factors. (Axios)

🤖 Zoom chief marketing officer Kimberly Storin set up a "SWAT team" to juggle SEO, GEO and AEO responsibilities. (Wall Street Journal)

⚖️ Elon Musk has "nothing to lose and everything to gain" in his legal battle against Sam Altman, notes Jim Prosser who led comms for Google in its battle against Oracle in 2012. (Substack)