Oracle Announces Major Job Cuts Amid Increased Investment in AI Infrastructure

Oracle, the US technology giant chaired by Larry Ellison, has initiated large-scale layoffs as part of a strategic focus on AI infrastructure. The company, valued at $420 billion and based in Austin, Texas, began reducing its workforce on Tuesday, with thousands of employees from its 162,000-strong staff expected to be affected. This move aims to reassure investors of Oracle's commitment to advancing in the AI sector despite the job reductions.