Oracle Cuts 21,000 Jobs to Fund Debt-Fueled AI Investments

Oracle laid off 21,000 employees in the fiscal year ending May 31, reducing its workforce to 141,000 from 162,000, according to an SEC filing. The company attributed the 12.9% reduction to the adoption and deployment of AI technologies across its operations. The layoffs are part of Oracle's broader strategy to invest heavily in AI using debt financing.