AI bet goes awry: Oracle fires 21,000 employees | The Jerusalem Post
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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.

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.

  • disorderly@lemmy.worldEnglish
    62·
    16 hours ago

    As a result, Oracle is now required to provide cash collateral or a letter of credit in the astronomical sum of over $7 billion just to connect the building to the power grid, a setup whose ongoing maintenance will cost the company more than $100 million annually.

    It’s been positively infuriating to watch government bodies bend every fucking law for these companies at the expense of their constituents. I am glad that Wisconsin is telling them to put up or shut up.