Oracle has started telling employees that it’s cutting thousands of jobs, CNBC has confirmed, as the software maker deals with a plummeting stock price tied to hefty capital commitments for building out AI infrastructure.

While Oracle’s core business is on the receiving end of market panic about competitive risk from generative artificial intelligence models, the company is also facing pressure from investors about the amount of debt it’s raising for AI investments and its dwindling cash flow.

Business Insider reported on the latest cuts earlier on Tuesday. CNBC confirmed the cuts with two people familiar with the matter who asked not to be named because the announcement hasn’t been made public.

Oracle, which employed 162,000 people as…