Oracle cuts jobs and ends data center deal with OpenAI

Oracle is planning to cut thousands of jobs and has ended a plan with OpenAI to expand a major data center in Texas. The company is setting aside an extra $500 million to cover the costs of this restructuring.

Despite this, Oracle told investors it expects higher revenue soon and that its business related to artificial intelligence will keep growing through at least 2027. Its stock price rose about 8% after this forecast.