US tech firm Oracle cuts thousands of jobs as it steps up AI spending

Company chaired by Trump ally Larry Ellison seeks to reassure investors that bet on AI infrastructure will pay off

Oracle is cutting thousands of jobs as the US technology company seeks to reassure investors that its bet on AI infrastructure will pay off.

The $420bn firm, headquartered in Austin, Texas, started letting employees go on Tuesday, with thousands of Oracle’s 160,000-strong workforce expected to leave.