Oracle Sheds 21,000 Jobs in AI-Driven Restructuring as Tech Industry Layoffs Surpass 100,000

Oracle has let go of 21,000 people over the last year. This is a deal because it is almost 13% of the people who work for Oracle all around the world. According to some papers that Oracle had to file the company now has 141,000 full-time employees. This is down from 162,000 people who worked for Oracle at the time last year.

Oracle said that they are using artificial intelligence or AI for short in their work. This means that they do not need many people to do certain jobs. The company said "we are using AI in our work and this might mean we have to let some people go."

Why is Oracle letting people go?

1. Oracle wants to use AI to make their work more efficient. This means they do not need many people to do certain jobs. The company said that they are trying to make their cloud-based work better.

2. Oracle wants to spend a lot of money on AI. They want to spend around $45 billion to $50 billion this year to make their Oracle Cloud better for customers like OpenAI and Meta.

Other big tech companies are doing the thing. They are letting people go and spending a lot of money on AI. For example:

* Meta let go of 8,000 people and plans to spend around $65 billion on AI.

* Amazon let go of around 30,000 people and plans to spend $200 billion on AI.

* Microsoft is letting some people go and plans to spend around $190 billion on AI.

* Google is spending around $180 billion on AI. They did not say how many people they are letting go.

This is not about Oracle. A lot of tech companies are letting people go because they are spending much money on AI. Oracle said that letting people go can be bad for the company. It can mean that they lose people with skills and that their employees might not be as happy.

The bigger picture is that a lot of tech workers are losing their jobs. Over 100,000 tech workers have lost their jobs in the year. One expert said that AI is the reason why companies are letting people go.

Oracle said that they are trying to balance their work and make sure they have the people to do the best job for their customers. An Oracle spokesperson said "we are always trying to make sure we have the people to do the best job, for our customers."