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Oracle is laying off thousands of employees as it invests heavily in artificial intelligence and builds new data centers. Workers in the U.S. and India have reported receiving termination emails, with some analysts predicting up to 30,000 job cuts.
- Oracle is laying off thousands of workers, with employees in the U.S. and India receiving abrupt termination emails
- TD Cowen analysts predict the cuts could reach up to 30,000 jobs total
- The layoffs are tied to Oracle funneling massive spending into AI infrastructure and new data centers
- Oracle employed roughly 162,000 people globally as of late May, giving scale to the potential cuts
Investors are increasingly divided in the AI sector, leading to significant losses for Sam Altman's associates. SoftBank's stock has plummeted 40%, and Oracle has lost all its gains following a high-profile AI deal. The trio's ambitious Stargate AI infrastructure project, aimed at building data centers, faces uncertainty amid these market shifts.
- SoftBank's stock has dropped 40% amid AI market turmoil
- Oracle has erased all its gains following its high-profile AI deal
- Altman's Stargate data-center infrastructure project faces growing uncertainty as investor sentiment splits on AI