Oracle Cuts 21,000 Jobs to Fund $45B-$50B AI Infrastructure Expansion

According to its Securities and Exchange Commission filing released Monday, Oracle laid off 21,000 workers in its fiscal year ending May 31, reducing its workforce from 162,000 to 141,000 employees. The company attributed the 12.9 percent reduction to "the adoption and deployment of AI technologies across our operations." Oracle plans to raise $45 billion to $50 billion in 2026 to expand its Oracle Cloud Infrastructure for AI customers including OpenAI, xAI, AMD, Nvidia, and Meta. Approximately half of the funding will come from debt, raising concerns about Oracle's growing leverage; the company's total debt now exceeds $120 billion.
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