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
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
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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 madness finally comming to an end? How I’ve been longing to this day.
I hope those 30k engineers can now find something with meaning and purpose to put their cognition and skill into. Preferably something related to saving the planet from impending doom. That, or cool video games.
Also, should we be warning the genetics and/or robotics folk that tech bros are coming for them next?
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@sarajw @lexinova @marco @nixCraft Collateral damage? The main difference between this bubble and the 90s tech bubble and the 2000s housing bubble is the concentration--vast amounts of capital expenditure by relatively small number of players. Valuations completely disconnected from reality. But it is unlikely the unwinding of that trade is going to be 'contained'--it wasn't in 2001, or 2008, it's going to blow a big hole in the financial system.
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@nixCraft and then small and mid sized businesses are going to go down and whos going to buy them? The tech bros and other billionaires! BOOM succesfully grifted and rugpulled literal coutries! Again
@joonq In the dotcom crash and subsequent web 2.0 crash most of the smaller companies just closed their doors. There wasn't a lot of 'buying up businesses' going on.
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@nixCraft @infosec812 Ed was right
Premium: The Hater's Guide to Oracle
You can’t avoid Oracle. No, really, you can’t. Oracle is everywhere. It sells ERP software – enterprise resource planning, which is a rat king of different services for giant companies for financial services, procurement (IE: sourcing and organizing the goods your company needs to run), compliance, project management, and
Ed Zitron's Where's Your Ed At (www.wheresyoured.at)
@rotnroll666 @nixCraft @infosec812 I'm in Abilene, TX where Stargate is being built. And there are TONS of jobs. But they're slave jobs - 12 hour days 6 days a week at $25/hr on a 1099. And Oracle is very well known for not paying their contractors in a timely manner. I've heard some contractors are 60 days out in aged payments from Oracle.
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