this post was submitted on 02 Aug 2026
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AI spending spree hits $600b as Oracle fires 21,000 employees to fund boom (www.jpost.com)
submitted 5 days 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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[–] Racoonwithbenefits@lemmy.zip 6 points 5 days ago (3 children)

Wonder how many of these ai companies will be “too big to fail” and bailed out by governments, once the bubble bursts

[–] eleijeep@piefed.social 4 points 4 days ago

It should be the pension funds that are holding the bag that get bailed out. The people who executed the fraud should go to jail.

[–] GardenGeek@europe.pub 2 points 4 days ago

Whether or not this is a glimmer of hope remains to be seen: If Trump and his cronies keep this up, the U.S. will simply no longer be able to save its AI companies. The bubble is too big, and the U.S. is currently losing its credibility as a debtor on the global stage... Of course, they can print money, but that will lead straight to disaster.

[–] finallymadeanaccount@lemmy.world 1 points 4 days ago

Whichever ones pay the highest bribes.