ORACLE FIRES THOUSANDS TO FUND AI TAKEOVER, STOCK CHEERS JOBLESS FUTURE
Oracle rose in premarket trading on Wednesday as the multinational tech conglomerate looks to cut thousands of jobs to free up cash to build AI data center infrastructure.
The software giant has started telling its 162,000-strong workforce that thousands of people will be affected in a new round of layoffs, two people familiar with the matter told CNBC on Tuesday. Its shares were last up 2.6% in early market trading on Wednesday. Oracle declined to comment on CNBC’s report.
Investors remain uneasy about the company’s hefty capital expenditure on data centers that can handle AI workloads. While shares closed up nearly 6% Tuesday, Oracle’s stock is down roughly 25% so far this year.
Oracle’s grand plan to jump on the AI gravy train by firing thousands while building shiny data centers makes perfect sense if your motto is “Why pay workers when you can pay servers?” Investors, ever the optimists, cheered the layoffs like it was a season finale cliffhanger, because nothing screams future tech dominance like turning a talent drain into a capital expenditure bonanza. Meanwhile, the company quietly sidesteps questions like a game of corporate dodgeball, proving once and for all that in tech, efficiency means downsizing humans to upsize the cloud. Calling it “freeing cash flow” is just Wall Street’s version of spring cleaning, except this time the dust bunnies are your colleagues.
📰 Via Cnbc
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Today’s Birthday
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Chester Burton "Chet" Atkins, Mister Guitar (1924)June 20, 2026
Atkins got his first guitar by making a trade with his brother, and it was arguably the best deal he ever made. Although he struggled with shyness and suffered from severe asthma—he had to sleep sitting up and often fell asleep still holding his guitar—he became an accomplished guitarist and went on to release several hit records, develop a signature line of guitars, and help create country music's "Nashville sound." What did "Mr. Guitar," as he came to be known, trade to get that first guitar?
Atkins got his first guitar by making a trade with his brother, and it was arguably the best deal he ever made. Although he struggled with shyness and suffered from severe asthma—he had to sleep sitting up and often fell asleep still holding his guitar—he became an accomplished guitarist and went on to release several hit records, develop a signature line of guitars, and help create country music's "Nashville sound." What did "Mr. Guitar," as he came to be known, trade to get that first guitar?Today’s Holiday
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West Virginia DayJune 20, 2026
West Virginia Day is a state holiday in West Virginia to celebrate its joining the Union in 1863 as the 35th state. The creation of the state was a result of the Civil War. The settlers of western Virginia defied the state's vote to secede from the Union, and on June 20 West Virginia formally entered the Union as an anti-slave state. The day is marked with ceremonies at the state capitol in Charleston and at the West Virginia Independence Hall in Wheeling. It was there that the conventions were held to declare West Virginia's independence from Virginia.
West Virginia Day is a state holiday in ARTICLE OF THE DAY
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Black TeaJune 20, 2026
Excluding water, tea is the most widely consumed drink on the planet, drunk either hot or cold by half the world's population. The vast majority of tea sold in the West is black tea, made from fermented leaves of the Camellia sinensis plant. Generally stronger in flavor and more caffeinated than the green and oolong varieties, black tea retains its flavor for several years and has long been an article of trade, serving as a form of currency into the 19th century in what countries?
Excluding water, tea is the most widely consumed drink on the planet, drunk either hot or cold by half the world's population. The vast majority of tea sold in the West is black tea, made from fermented leaves of the Camellia sinensis plant. Generally stronger in flavor and more caffeinated than the green and oolong varieties, black tea retains its flavor for several years and has long been an article of trade, serving as a form of currency into the 19th century in what countries?
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