Austin/IBNS, Feb. 2 -- Tech giant Oracle is planning to slash between 20,000 and 30,000 jobs this week as part of a massive cost-cutting exercise, media reports said.

Oracle is seeking funds to bankroll a vast network of AI-focused data centres, most of which are being built to serve OpenAI's computing needs.

According to Mint, the job cuts come amid the United States banks pulling back from investments linked to Oracle's AI data centre expansion plans.

Since September last year, lenders have also doubled interest rate premiums typically charged to Oracle, worsening its funding pressure.

To address the cash crunch, Oracle has reportedly begun charging new customers up to 40% of contract value upfront. The company is also exploring a "...