Amazon is planning to cut as many as 30,000 white collar jobs starting on Tuesday, according to a report.

Reuters reports that the company wants to pare expenses and could cut 30,000 corporate jobs, citing three people familiar. That’s a tiny fraction of Amazon’s 1.55 million total workforce but 8.5% of the roughly 350,000 white collar employees.

Shares of AMZN are up 1.1% today as part of a broad market rally but haven’t participated in the big Mag7 rally so far this year. The market certainly doesn’t mind cost cutting but I’m sure it would prefer a compelling AI narrative.