Oracle has laid off 21,000 workers as it integrates AI technologies into its operations, according to a recent SEC filing. The company, now with 141,000 full-time employees, reported a significant 12.9% decrease from 162,000 workers the previous year.
The job reductions align with Oracle's efforts in expanding its data center infrastructure to support AI. The firm aims to raise $45 billion to $50 billion by 2026, primarily through debt, to enhance its Oracle Cloud Infrastructure for clients including OpenAI and Nvidia. Notably, Oracle carries over $120 billion in debt. Legal challenges have arisen from bondholders alleging financial misrepresentation regarding the necessity of this debt for AI development.