Oracle sends force majeure notice on a Stargate campus

Oracle sent a force majeure notice to Stack Infrastructure, the Blue Owl Capital unit developing Project Jupiter, a 2.45-gigawatt AI data center campus in Doña Ana County, New Mexico, and one of the flagship sites of the Stargate AI infrastructure build with OpenAI and SoftBank, Bloomberg News first reported Thursday, citing people familiar with the matter. According to those people, Oracle is not trying to leave as the site’s main tenant; the notice would let it delay payments if the campus misses its planned 2028 start. Oracle said “Project Jupiter remains on our planned schedule,” and a vice president told the Albuquerque Journal that force majeure notices are commonplace in projects this size and “do not, by themselves, establish a project delay.” Blue Owl said the notice “does not change the financial commitments” to the project. The site has run into trouble with its power supply. A gas pipeline meant to feed its Bloom Energy fuel cells has slipped to Feb. 1, 2027, after permit denials, and the state’s decision on an air-quality permit is due Nov. 23, TechCrunch and Bloomberg reported. In intraday trading, Oracle shares were down 6.4% at 10:17 a.m. ET Thursday, the worst showing among S&P 500 tech stocks at that point, and Blue Owl was down 3.6%, according to Bloomberg. Oracle pared the loss and closed down about 3.5%, according to Yahoo Finance market data.

Earlier today

Twenty nations call for a frontier-AI watchdog; Altman and Amodei at the UN Security Council; Anthropic’s Claude and the ART enzyme; Meta’s Muse glasses and Charm; Microsoft’s $10 billion-plus Middle East AI push. Those stories are below on the home page.

— Nico Valdez