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05.03.26 - 20:15
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Oracle Prepares To Axe Thousands Of Jobs In New Layoff Round (ZeroHedge)
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Oracle Prepares To Axe Thousands Of Jobs In New Layoff Round
Shares of Oracle moved lower in New York shortly after lunchtime after Bloomberg News reported that the company is preparing to lay off thousands of workers as it spends aggressively on AI data center buildouts. The timing is not ideal: credit markets are starting to crack, concerns about Blue Owl are mounting, and the data center CapEx boom is looking increasingly frothy.
The planned cuts will affect divisions across the company and may be implemented by the end of this month, according to the outlet, citing people familiar with the matter who asked not to be named. Some of the cuts will target jobs that AI will replace, according to two people familiar with the plans.
Wall Street analysts forecast that the cloud unit's data center spending will drive Oracle's cash flow negative through the end of the decade, with a payoff not expected until 2030. Oracle has said it may raise up to $50 billion this year through debt and equity to...
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