Oracle's annual SEC filing reveals the company reduced its workforce by 21,000 employees (12.9%) over the past fiscal year, attributing the cuts partly to AI adoption across its operations. The layoffs are also tied to massive capital expenditure plans: Oracle aims to raise $45–$50 billion in 2026 to expand its Oracle Cloud Infrastructure, with roughly half coming from debt. The company already carries over $120 billion in total debt, which has alarmed investors and prompted a bondholder lawsuit alleging Oracle concealed the extent of debt needed to fund its AI buildout. Key customers for the expanded infrastructure include OpenAI, xAI, AMD, Nvidia, and Meta.
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