Oracle Cuts 21,000 Jobs As It Embraces AI

Oracle revealed in its SEC Form 10-K filing that it cut 21,000 jobs over the past year to fund its AI expansion. The company is investing $70 billion in data centers and AI-capable servers for clients like OpenAI and Meta. This restructuring cost approximately $1.8 billion. Oracle admitted that the deployment of AI technologies across operations caused these workforce reductions and may lead to further cuts, despite potential risks regarding productivity and skills shortages.