Tech giant Oracle has reported laying off 30,000 employees, a significant portion of its workforce. The layoffs were delivered via email to affected staff on March 31, citing “difficult news regarding your position.” This move comes amidst the company’s efforts to pivot towards competing with Amazon and powering AI infrastructure for companies like OpenAI.
Oracle is facing a cash crunch from expanding its massive AI data center, which has led to borrowing costs doubling. A study by MIT found that 11.7% of the labor market could be replaced by AI. Big Tech companies are experiencing rapid job cuts linked to AI expansion, with Oracle’s layoffs being part of this trend.
Layoffs have been reported in other major tech companies, including Amazon and Dell. Meta, Block Inc., and Atlassian also cut jobs last month, citing AI investments. Microsoft laid off 15,000 employees last year due to speculation of AI automation and tools shift. Workers should consider getting organized, keeping professional relationships intact, and asking for references before moving on from a job with unexpected termination.
Source: [Original sources cited]
Source: https://finance.yahoo.com/markets/stocks/articles/oracle-fired-30-000-workers-174000364.html