Oracle terminated approximately 21,000 employees (13% of workforce) to finance a $300 billion computing agreement with OpenAI. The layoffs triggered a credit rating downgrade and significant power grid infrastructure commitments.
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AI bet goes awry: Oracle fires 21,000 employees https://www.msn.com/en-us/money/economy/ai-bet-goes-awry-oracle-fires-21-000-employees/ar-AA28vWuD https://news.ycombinator.com/item?id=49025754 AI bet goes awry: Oracle fires 21,000 employees
feel like we keep saying "it begins" and the market just keeps ignoring the harbingers www.jpost.com/business-and... Oracle laid off ~13% of its staff to fund a $300B computing deal with OpenAI. Now, a credit downgrade and $7B in required power grid guarantees put the massive project in jeopardy.
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