Oracle is reportedly laying off thousands of employees, adding to a long list of tech giants who have laid off staff while investing hundreds of billions of dollars on AI data centers. This follows a trend of tech companies cutting jobs while investing heavily in AI technology. Microsoft laid off 15,000 people last year and Amazon cut 16,000 jobs in January, while Atlassian let go of 10% of its workforce as part of its AI pivot, while Meta laid off 700 employees and increased a stock incentive program for top executives. The layoffs were not immediately clear how many of Oracle’s roughly 162,000 staff were affected. The company is reportedly seeking to raise up to $50 billion this year through a mix of debt and equity. However, as the company has taken on billions in debt, its stock has fallen 54% since its peak, and several banks have pulled back from lending to Oracle-linked data center projects. There is no evidence that AI is replacing workers at scale.