Today's Business Headlines: 03/04/26
Enterprise software company Oracle is planning thousands of job cuts as it faces a cash crunch from a massive AI data center expansion effort, Long a smaller contender in the cloud market, over the past year Oracle has emerged as a major player in the business of renting computing power thanks, in part, to its But investors have grown worried about how it would fund the data center expansion needed to serve OpenAI and other customers, including Elon Musk’s xAI and Meta.
Larry Ellison’s Oracle has emerged as a major player in the business of renting computing power thanks, in part, to its $300 billion deal with OpenAI., in February outlined plans to raise $45 billion to $50 billion this year in order to expand its cloud infrastructure, fueling investor concerns about its rising debt load.The layoffs will impact divisions across Oracle and may be implemented as soon as this month, the Bloomberg report said, citing people familiar with the matter.Morgan Stanley cuts 2,500 jobs — 3% of global workforce The planned reductions are expected to be wider-reaching than Oracle’s typical rolling job cuts, according to Bloomberg. This week, Oracle announced internally that it would be reviewing many of the open job listings in its cloud division, effectively slowing down or freezing the hiring process, the report added.The company had about 162,000 full-time employees as of May 31, 2025, according to its annual filing with the Securities and Exchange Commission. Oracle will report third-quarter results on Tuesday. Its shares fell more than 15% last year, with its December results showing about $10 billion in cash burn for the first half of the fiscal year.Kalshi refuses to pay winnings on $54M trade related to Khamenei's death, drawing user fury‘RHOC’ star Braunwyn Windham-Burke’s stepfather dead at 63
Tech Artificial Intelligence Larry Ellison Layoffs Openai Oracle
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Key takeaways from the House hearing on Minnesota fraud with Tim Walz and Keith EllisonMinnesota Gov. Tim Walz told lawmakers that fraud 'happened on my watch,' but defended his administration's handling of the allegations.
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