Oracle is planning to cut thousands of jobs due to the AI ​​funding shortage

(Bloomberg) – Oracle Corp. plans to cut thousands of jobs to deal with a cash crunch due to a massive AI data center expansion.

The job cuts will affect departments across the company and could be implemented as early as this month, according to people familiar with the matter who declined to be named discussing the still-confidential plans. Some of the cuts target job categories that the company expects will need less because of AI, two of the people said.

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Led by Chairman Larry Ellison, Oracle is embarking on a historic buildout of data centers to power AI workloads for customers like OpenAI. The company, long known for its database software, has made a transition in recent years to expand its cloud computing unit with a focus on AI in order to become a viable competitor to market leaders Amazon.com Inc. and Microsoft Corp. to become.

Wall Street forecasts cloud unit spending on data…