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gizmodo.com ·
@AJ Dellinger
AI 泡沫观察：Oracle 就大型数据中心项目寻求财务保护
Gizmodo 援引 Bloomberg 报道称，作为 Project Stargate 主要支持方之一的 Oracle 已就其中一环 Project Jupiter 发出 force majeure（不可抗力）通知。Project Jupiter 是计划建于新墨西哥州的 2.45 吉瓦数据中心，预计 2028 年上线，但遭遇周边居民反对和环保监管方面的阻力。Oracle 向项目开发商 Blue Owl Capital 发出该通知，似意在若项目未能按期投运时推迟付款；报道称其并未要求退出合同或租约，且能否真正免除财务义务仍不确定。Oracle 声明称项目仍按计划推进。另据 Financial Times 报道，与 Oracle 参与 Project Jupiter 相关的约 180 亿美元贷款已被视为 stressed，交易价格约为面值的 90 美分。
AI推荐理由 引用 Bloomberg 报道，给出具体项目（Project Jupiter，2.45GW，新墨西哥州，2028 年上线）、具体动作（Oracle 向开发商 Blue Owl Capital 发出 force majeure 通知）和具体财务信号（约 180 亿美元相关贷款被视为 stressed、以约 90 美分折价交易），信息密度和事实明确度较高，对判断 AI 数据中心资本开支与融资风险有实际参考价值。局限在于核心事实来自二手转述，Oracle 未回应，force majeure 能否真正免除付款义务尚无定论，文章也带有 AI 泡沫叙事的评论色彩。
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The future of the American artificial intelligence industry is tied to the massive data center initiative known as Project Stargate. Oracle, one of the biggest backers of that effort, just took steps to shield itself from financial liabilities from one leg of the project that has hit repeated snags. According to a report from Bloomberg, Oracle recently cited force majeure, a lever that could help the company wiggle out of financial obligations.
Oracle’s shakiness is tied to Project Jupiter, a planned 2.45 gigawatt data center set to be built in New Mexico as part of Project Stargate. The massive construction project is set to go online in 2028, but has hit some major hurdles along the way, including significant opposition from residents near the planned campus and regulatory concerns regarding the data center’s projected environmental impact. The New Mexico Supreme Court recently rejected two efforts to stop the plant’s attempts to secure permits, but more challenges are expected.
While all parties involved with Project Jupiter have insisted the build-out is still on track, it seems Oracle is, at the very least, considering contingencies. It sent notice of force majeure, a clause that is typically invoked when extraordinary events prevent one party from fulfilling its contractual duties, to project developer Blue Owl Capital and, according to Bloomberg, is apparently trying to delay its payments should Project Jupiter fail to turn its lights on by 2028.
Bloomberg noted that it doesn’t seem as though Oracle is trying to get out of the contract entirely and hasn’t asked to get out of its lease. But it does seem to want some protections in case the project does get slowed or pushed off track entirely. Per the publication, there’s no guarantee that Oracle can free itself from its financial obligations for the project, so even if it secures a delay in submitting those payments, it may still be on the hook for them.
Oracle, of course, says it’s all rainbows and sunshine in New Mexico. “Project Jupiter remains on our planned schedule. We are fully committed to New Mexico and confident in our path forward,” the company said in a statement posted on Twitter. Gizmodo reached out to Oracle for additional information regarding the project and the company’s notice of force majeure, but did not receive a response at the time of publication.
Things are a little less rosy on Oracle’s balance sheet—though there is a lot of red. Last week, the Financial Times reported that about $18 billion worth of loans tied to Oracle’s involvement in Project Jupiter is now considered stressed after reportedly selling for around 90 cents on the dollar, suggesting there is some doubt that the debt will be repaid. Oracle’s decision to seek some exit options probably won’t be the kind of signal that turns that around.