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AI spending spree hits $600b as Oracle fires 21,000 employees to fund boom (www.jpost.com)

submitted 1 day ago by VetOfTheSeas@discuss.online to c/business@lemmy.world

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Oracle laid off ~13% of its staff to fund a $300B computing deal with OpenAI. Now, a credit downgrade and $7B in required power grid guarantees put the massive project in jeopardy.

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[–] NaibofTabr@infosec.pub 48 points 1 day ago (2 children)

These companies are cannibalizing themselves to pump money into provably unreliable technology.

[–] gdog05@lemmy.world 12 points 1 day ago (1 children)

The end goal is obviously not money. At least not in currency and economy as we currently know it. Rather the individual fiat bearers for the cost of existence for everyone.

[–] 4am@lemmy.zip 6 points 1 day ago

I’m glad I’m not the only one who sees the true grift

[–] Bohne93@feddit.org 5 points 1 day ago

Ouroboros devours itself not because it wants to.