Oracle (NYSE:ORCL) shares down as AI layoffs put focus on cloud spending
Oracle shares dropped 2.7% to $170.32 in late-morning New York trading Tuesday. The move came after the company said in its annual report that its workforce was down by around 21,000 in fiscal 2026, raising investor worries about the cost of its AI plans. Oracle touched $165.00 earlier. The company’s market value now sits near $496 billion.