AI isn't taking people's jobs. Here's what's really happening

Oracle's layoffs show that the people losing jobs aren't losing them because AI can do their work. They're losing them to money spent on chips and data centers

Oracle $ORCL co-founder Larry Ellison (Andrew Harnik/Getty Images)

A simple and accurate explanation for the wave of white-collar layoffs sweeping across industries is becoming increasingly clear: AI isn’t replacing white-collar workers. It’s displacing the cash once used to pay them, with companies cutting corporate payrolls to help fund their pushes into data centers and other AI-focused investments.

Oracle $ORCL’s coming layoffs reveal one of the clearest cases yet. Bloomberg reports that the company is planning thousands of job cuts — perhaps as many as 30,000 in its largest-ever restructuring — as management prepares to take the company cash-flow negative for the........

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