Oracle Fires Thousands Of Employees As AI Spending Ramps Up—Shares Rise 2%

The company reportedly cited its “current business needs” in its decision.Oracle on Tuesday conducted a round of layoffs affecting thousands of employees, citing “current business needs,” according to multiple reports , resulting in a rise in the software maker’s stock as it plans to ramp up spending on AI this year.Oracle notified thousands of employees they would be cut on Tuesday, CNBC reported, citing people familiar with the move.It’s not immediately clear why the employees were let go, though a compan ...