(KRON) -- Oracle is reportedly gearing up to cut thousands of jobs in order to fund AI data centers. According to a widely cited report in Bloomberg, the tech giant is facing a cash crunch as it looks to massively expand its AI data center operations. Grocery Outlet closing stores deemed ‘underper forming’ The layoffs are expected to hit multiple divisions at the enterprise software and cloud network provider and could be implemented as soon as this month, according to Bloomberg. Some of the job cuts could target positions that could be replaced with AI. News of the Oracle layoffs comes just a week after Jack Dorsey's fintech company Block laid off around 4,000 people and amid news that the U.S. economy lost 92,000 jobs last month. Although currently headquartered in Austin, Texas, Oracle was founded in Santa Clara. ...read more read less