Oracle have laid off 30k employees today. They did it to personal email accounts at 6am 🫡 saying they needed the money to spend on GenAI instead. https://thenextweb.com/news/oracle-layoffs-march-2026

Oracle’s share price since they went GenAI nuts:

@GossiTheDog
Oracle is such a weird company. How do they make money? Did they ever produce anything good? Not rhetorical questions.

@sigismundninja @GossiTheDog Oracle’s database product was good enough when it was introduced, and it got deeply entrenched in some really big companies (think on par with banks’ use of COBOL). They made a lot of money, which they used to expand, buying up other companies which make deeply entrenched stuff, like Sun with Solaris.

They make money mostly through literal extortion now. The companies which still depend on them are basically a captive market, so they have to pay whatever Oracle charges. The alternative is a total rewrite of core business systems which would cost several times as much as Oracle wants, and which would take years to get to a usable state (well beyond executives’ planning horizon).