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Oracle laid off thousands of employees on Tuesday, a move the company attributed to, quote, current business needs.

Following the announcement, the software maker's stock rose as it plans to increase

spending on AI this year, according to multiple reports. Oracle notified thousands of employees

they would be cut on Tuesday, CNBC reported, citing people familiar with the move. It's not

immediately clear why the employees were let go, though a company memo obtained by

business insider cited, quote, careful consideration of current business needs.

Shares of Oracle rose by 2.5% as of noon Tuesday, marking positive traction for the stock

that has declined more than 27% this year.

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