What we can expect to see with the AI jobs onslaught is an amplification of the anxieties that typically come with a loss of income. This is obvious enough: without money to pay for rent, groceries, heat, healthcare, or any of the other necessities of life, people don't exactly thrive. One of the hidden impacts of all this is a heightened risk of psychological illness.
Oracle Corporation (NYSE: ORCL) is planning to cut "thousands" of jobs as soon as this month. And yes, artificial intelligence is to blame-but not solely because AI is directly taking jobs. Instead, Oracle is reportedly planning job cuts to free up cash for its AI data center expansion, which the company is pursuing to compete with cloud computing giants Amazon and Microsoft.
We are taking steps to reinvest across our business and align our structure with our strategic priorities, which will affect certain roles across our workforce. The formal notification comes as the company announced that it would cut 6pc of its global workforce.