You know how a gambler who loses it all starts begging his family for cash or putting their house up for a loan?
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Over the past few weeks, several US banks have pulled off from lending to Oracle for expanding its AI data centres, as per a report. So Oracle is now firing 30000 engineers as banks pull out from financing AI data centres and OpenAI deals to meet fools dream. Wise investors are pulling out of data centres now as they found out it's impossible to reach AGI & exponential AI growth through increasing the scale of compute. LLMs have already hit their developmental plateau https://www.livemint.com/companies/news/oracle-layoffs-tech-giant-to-slash-30-000-jobs-as-banks-pull-out-from-financing-ai-data-centres-11769996619410.html
@nixCraft is the bubble bursting already?
Jensen Huang says Nvidia is pulling back from OpenAI and Anthropic, but his explanation raises more questions than it answers | TechCrunch
Nvidia CEO Jensen Huang said Wednesday that his company's investments in OpenAI and Anthropic will likely be its last — but his explanation may not tell the whole story.
TechCrunch (techcrunch.com)
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these are early signs that the AI bubble is about to pop (combined with wars and tariff biz). When it does, it won’t just sink those "Plagiarism Machine" startups, it will create a massive problems for the whole IT/tech industry and it will even hurt other businesses too. It's going to be so bad that the Great Depression of 1929 will look like a walk in the park.
@nixCraft It's already causing problems for the tech industry (see for example Valve further delaying their new hardware products and having stock problems with the Steam Deck). But when it pops, things are going to get a lot worse.
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Over the past few weeks, several US banks have pulled off from lending to Oracle for expanding its AI data centres, as per a report. So Oracle is now firing 30000 engineers as banks pull out from financing AI data centres and OpenAI deals to meet fools dream. Wise investors are pulling out of data centres now as they found out it's impossible to reach AGI & exponential AI growth through increasing the scale of compute. LLMs have already hit their developmental plateau https://www.livemint.com/companies/news/oracle-layoffs-tech-giant-to-slash-30-000-jobs-as-banks-pull-out-from-financing-ai-data-centres-11769996619410.html
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Over the past few weeks, several US banks have pulled off from lending to Oracle for expanding its AI data centres, as per a report. So Oracle is now firing 30000 engineers as banks pull out from financing AI data centres and OpenAI deals to meet fools dream. Wise investors are pulling out of data centres now as they found out it's impossible to reach AGI & exponential AI growth through increasing the scale of compute. LLMs have already hit their developmental plateau https://www.livemint.com/companies/news/oracle-layoffs-tech-giant-to-slash-30-000-jobs-as-banks-pull-out-from-financing-ai-data-centres-11769996619410.html
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@nixCraft don't know either, but that would precipitate the process xD
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Over the past few weeks, several US banks have pulled off from lending to Oracle for expanding its AI data centres, as per a report. So Oracle is now firing 30000 engineers as banks pull out from financing AI data centres and OpenAI deals to meet fools dream. Wise investors are pulling out of data centres now as they found out it's impossible to reach AGI & exponential AI growth through increasing the scale of compute. LLMs have already hit their developmental plateau https://www.livemint.com/companies/news/oracle-layoffs-tech-giant-to-slash-30-000-jobs-as-banks-pull-out-from-financing-ai-data-centres-11769996619410.html
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Over the past few weeks, several US banks have pulled off from lending to Oracle for expanding its AI data centres, as per a report. So Oracle is now firing 30000 engineers as banks pull out from financing AI data centres and OpenAI deals to meet fools dream. Wise investors are pulling out of data centres now as they found out it's impossible to reach AGI & exponential AI growth through increasing the scale of compute. LLMs have already hit their developmental plateau https://www.livemint.com/companies/news/oracle-layoffs-tech-giant-to-slash-30-000-jobs-as-banks-pull-out-from-financing-ai-data-centres-11769996619410.html
Feel bad for the folks that were working there, but also, fuck Oracle.
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@keyboardg @nixCraft @nivrig wow 30k that is going to
Be noticed. I haven't seen numbers like that since 2008, Cisco had some layoff in that range. -
@nixCraft on one hand it makes me very happy to see the AI bubble burst, but it's incredibly sad to see that workers are the ones to suffer again
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Over the past few weeks, several US banks have pulled off from lending to Oracle for expanding its AI data centres, as per a report. So Oracle is now firing 30000 engineers as banks pull out from financing AI data centres and OpenAI deals to meet fools dream. Wise investors are pulling out of data centres now as they found out it's impossible to reach AGI & exponential AI growth through increasing the scale of compute. LLMs have already hit their developmental plateau https://www.livemint.com/companies/news/oracle-layoffs-tech-giant-to-slash-30-000-jobs-as-banks-pull-out-from-financing-ai-data-centres-11769996619410.html
@nixCraft the only good AI that will stick around will be Gemini the rest will crumble.
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Over the past few weeks, several US banks have pulled off from lending to Oracle for expanding its AI data centres, as per a report. So Oracle is now firing 30000 engineers as banks pull out from financing AI data centres and OpenAI deals to meet fools dream. Wise investors are pulling out of data centres now as they found out it's impossible to reach AGI & exponential AI growth through increasing the scale of compute. LLMs have already hit their developmental plateau https://www.livemint.com/companies/news/oracle-layoffs-tech-giant-to-slash-30-000-jobs-as-banks-pull-out-from-financing-ai-data-centres-11769996619410.html
Oracle firing 30,000 employees because banks refuse to finance its AI expansion?
LOL. Like any large corporation, it will take any step that allows it to avoid admitting that its own management makes supremely bad decisions.
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@lexinova interesting, What's the difference between the metaphor of a bubble bursting Vs a dramatic market correction?
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You know how a gambler who loses it all starts begging his family for cash or putting their house up for a loan? We all know that story usually has a "happy" ending. Right?
Well, SoftBank is basically doing the same thing. They are talking to banks to get a massive $40 billion loan just to buy a stake in OpenAI. It is their biggest loan ever. I’m sure betting the house on a single hand will work out perfectly this time. https://www.livemint.com/companies/news/softbank-seeks-record-40-billion-loan-financing-banks-fund-openai-stake-invest-masayoshi-son-ai-bubble-concern-liquidity-11772773618772.html
These AI people are running out of money
Given the money is going around and around between different AI companies (or not, it's sometimes just promises to do so) then I'm sure someone will lend SoftBank the money.
Maybe Nvidia?
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@nixCraft the only good AI that will stick around will be Gemini the rest will crumble.
only good one is a dead one
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Over the past few weeks, several US banks have pulled off from lending to Oracle for expanding its AI data centres, as per a report. So Oracle is now firing 30000 engineers as banks pull out from financing AI data centres and OpenAI deals to meet fools dream. Wise investors are pulling out of data centres now as they found out it's impossible to reach AGI & exponential AI growth through increasing the scale of compute. LLMs have already hit their developmental plateau https://www.livemint.com/companies/news/oracle-layoffs-tech-giant-to-slash-30-000-jobs-as-banks-pull-out-from-financing-ai-data-centres-11769996619410.html
@nixCraft the author's name is "Swastika Das Sharma"
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Oracle firing 30,000 employees because banks refuse to finance its AI expansion?
LOL. Like any large corporation, it will take any step that allows it to avoid admitting that its own management makes supremely bad decisions.
Ellison is buing media companies now.
The 30K employees who build his software empire are just meat. -
Over the past few weeks, several US banks have pulled off from lending to Oracle for expanding its AI data centres, as per a report. So Oracle is now firing 30000 engineers as banks pull out from financing AI data centres and OpenAI deals to meet fools dream. Wise investors are pulling out of data centres now as they found out it's impossible to reach AGI & exponential AI growth through increasing the scale of compute. LLMs have already hit their developmental plateau https://www.livemint.com/companies/news/oracle-layoffs-tech-giant-to-slash-30-000-jobs-as-banks-pull-out-from-financing-ai-data-centres-11769996619410.html
️, and the fascists need the Ellisons for their propaganda
