business ๐ Oracle deepens layoffs amid AI spending crunch
Oracle is increasing its planned job cuts as it faces a cash crunch linked to developing large AI data centres. The company announced a new share trading program for Chairman Larry Ellison, allowing him to sell 50 million shares until October 24. The total estimated cost for the '2026 Restructuring Plan' is now around $2.8 billion, up from $2.1 billion already accrued. This financial pressure stems from the expensive build-out of AI infrastructure for major clients like OpenAI. As of the end of May, the company had approximately 49,000 US workers and 92,000 international employees.