this post was submitted on 02 Aug 2026
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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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[–] eleijeep@piefed.social 6 points 1 day ago

It should be the pension funds that are holding the bag that get bailed out. The people who executed the fraud should go to jail.