An anonymous reader shares a report: It's too soon to be talking about the Curse of OpenAI, but we're going to anyway. Since September 10, when Oracle announced a $300 billion deal with the chatbot maker, its stock has shed $315 billion in market value. OK, yes, it's a gross simplification to just look at market cap. But equivalents to Oracle shares are little changed over the same period (Nasdaq Composite, Microsoft, Dow Jones US Software Index), so the $15 billion loss figure [figure updated with stock price] is not entirely wrong. Oracle's "astonishing quarter" really has cost it nearly as much as one General Motors, or two Kraft Heinz.

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Longtime Slashdot reader whoever57 writes: Birmingham City Council, the largest such entity in Europe, has been declared effectively bankrupt. There are a couple of reasons for this, but one of them is a disastrous project to replace the city's income management system using Oracle. The cost of this has risen to $230 million, while the initial estimate was $24 million. There was a failed rollout of the new system earlier this year. "Original plans for the replacement of SAP with Oracle Fusion set aside a 19.965 million-euro budget for three years implementation until the end of the 2021 financial year," reports The Register. "Go-live date was later put back until April 2022 and the budget increased to 40 million euros. After the council realized it would need to reimplement all of Oracle, the budget for running the old system and introducing the new one increased to 131 million euros." "In a hastily convened Audit Committee meeting this week, councilor heard how that date has now been put back until November, expressing their anger that the news hit the media before they were told." Testing failed with only a 73.3% pass rate and 10 severe deficits, "below the acceptance criteria of a 95 percent pass rate and zero severe deficits.

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