Oracle Raises ₱2.97 trillion ($50 billion) for Cloud as Tech Cuts Hit 30,000
Even as tech companies slash headcount, hiring for AI roles accelerated in February. Oracle announced a ₱2.68 trillion ($45 billion) to ₱2.97 trillion ($50 billion) capital raise for cloud infrastructure expansion, while reports suggest the company cut 30,000 positions.
Key Takeaway
AI job cuts accelerated but companies still added 9,875 AI engineer roles in February.
Oracle announced plans for a ₱2.68 trillion ($45 billion) to ₱2.97 trillion ($50 billion) capital raise in 2026 to expand its cloud infrastructure, while unconfirmed reports circulating online suggest the company cut 30,000 jobs. The company expanded its restructuring reserve by $2.1 billion in February.
The U.S. lost 92,000 nonfarm payroll jobs in February, with the unemployment rate hitting 4.4%. Information sector employment dropped by 11,000 positions last month, more than double the 5,000 monthly average over the prior year. Announced cuts across all sectors reached 48,307 in February and 156,742 year to date.
Block executive Jack Dorsey tied a 4,000-person cut to AI productivity gains. Amazon confirmed robotics division cuts on March 4. Pinterest trimmed less than 15% of staff while reallocating toward AI-focused roles, and Atlassian cut around 1,600 positions citing AI's impact on skill mix requirements.
Technology sector cuts reached 33,330 year to date, up from 22,042 in the same period of 2025. Companies cited AI as the reason for 12,304 cuts year to date. CompTIA research found 64% of companies acknowledge using AI as cover for staffing decisions, even as some firms redeploy or add staff elsewhere.
An Anthropic study released March 5 found that job growth in AI-exposed occupations declined 0.6 percentage points per 10-point increase in AI exposure since late 2022. Young workers entering exposed occupations post-ChatGPT saw job-finding rates drop 14%. Claude showed 33% real-world coverage in computer and math work, though theoretical potential reaches 94%.
Software developer and engineer postings hit 50,743 in February, up 4,830 from the prior month. AI engineer postings reached 9,875, climbing 1,044 month-over-month. Active postings citing AI skill requirements totaled 94,067 in December, up 111% year-over-year.
This article was written based on reporting from CryptoSlate.
