Oracle Corporation has initiated job cuts in its cloud infrastructure division as part of a strategic shift to increase investment in artificial intelligence (AI) infrastructure. The company has reduced over 150 positions, including layoffs across its US, Indian, and Canadian operations, with notable impacts in the Bay Area and Seattle offices. This move aims to reallocate resources toward a substantial $500 billion AI infrastructure investment and follows Oracle's recent partnership with OpenAI on the Stargate initiative and the launch of an AI-enabled electronic health record (EHR) platform. Despite these layoffs, Oracle continues to hire in other areas, reflecting a broader effort to control costs amid heavy spending on AI data centers, which contributed to negative free cash flow in the last fiscal year. Oracle's stock remains near all-time highs despite the workforce reductions.
Oracle, which just hit all-time highs on the stock market, is cutting hundreds of jobs between Bay Area and Seattle offices. $ORCL
"Oracle is rolling out an artificial intelligence-enabled electronic health record platform, the company said Wednesday ahead of its chief rival’s annual user conference." https://t.co/94OFidX9Ek
Oracle chops well over 100 Bay Area jobs https://t.co/cVlBlx8hGG