Affirm and Block stocks pare losses on PayPal takeover report

Investing.com -- Affirm Holdings (NASDAQ: AFRM) and Block (NYSE: XYZ) pared declines Monday following reports that PayPal attracted takeover interest from potential buyers.

Both stocks were sharply lower earlier in the session on concerns about artificial intelligence disruption but reduced losses after Bloomberg reported that PayPal is drawing acquisition interest following a stock slide that eliminated nearly half of its market value.

Block shares were down 4% while Affirm fell 6%, despite a brief spike following the PayPal takeover report. The stocks had declined earlier after a scenario analysis from Citirini Research examined potential risks from rapid AI advancement.

The PayPal takeover speculation provided some relief to the broader fintech sector, which has faced pressure from concerns about how AI could disrupt traditional payment processing and lending models.

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