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Oracle sends 'force majeure' notice about data center project — stock sinks 7%
Oracle shares fell 5% on Thursday following news that the company sent a "force majeure" notice tied to its New Mexico data center project to protect itself from higher expenses.
"Project Jupiter remains on our planned schedule," an Oracle said in a statement to CNBC. "We are fully committed to New Mexico and confident in our path forward."
Bloomberg was first to report the news, citing sources familiar with the matter.
The company is looking to delay payment on the campus, dubbed Project Jupiter, if it doesn't come online as expected in 2028, according to the report.
Oracle sent the notice to the developer, which is a unit of Blue Owl Capital, CNBC confirmed. Blue Owl also saw its shares fall on Thursday.
Oracle just declared a very unusual force majeure at its AI data center
The 8:30 Hosts Julie Hyman, Jake Conley, and Pras Subramanian discuss Bloomberg's recent report about Oracle's (ORCL) declaration of a force majeure at its AI data center in New Mexico.
Bloomberg is out with a story that Oracle is uh considering uh declaring force measure in a data center project. I'm just looking at the headlines here, that's being built in New Mexico. The project's developer is a unit of Blue Owl, which has been at the center of a lot of the concerns over the the private credit boom. You can see both of those stocks are lower here this morning. So Oracle, according to Bloomberg's reporting, is not trying to get out of being the main tenant,
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