Oracle fired 30,000 people this morning with a single cold email "today is your last working day."
This is the largest layoff in Oracle's history roughly 18% of its entire global workforce of 162,000 people across the US, India, and other regions all hit at the same time.
The reason is simple. Oracle took on $58 billion in new debt to build AI data centers. The cuts are expected to free up $8-10 billion in cash flow to fund that expansion.
The irony is Oracle posted a 95% jump in net income last quarter, hitting $6.13 billion in profit. They are not firing people because the business is failing. They are firing people to pay for AI.
This is what the AI economy looks like. Record profits. Record debt. And 30,000 people finding out they lost their jobs before their morning coffee