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AI spending spree hits $600b as Oracle fires 21,000 employees to fund boom (www.jpost.com)
submitted 9 hours ago by VetOfTheSeas@discuss.online to c/business@lemmy.world
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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.

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[-] disorderly@lemmy.world 41 points 8 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.

this post was submitted on 02 Aug 2026
118 points (100.0% liked)

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