Oracle (ORCL) -4.5% after Bloomberg report it invoked force majeure to shield itself from expenses on a massive New Mexico data center
What happened
On Sept. 24, 2026, Bloomberg reported that Oracle had sent a force majeure notice to the developer of Project Jupiter, its massive AI data center campus in Doña Ana County, New Mexico (near Santa Teresa, ~1,400 acres, designed for 2.45 gigawatts). The notice — sent to Stack Infrastructure, a unit of Blue Owl Capital — seeks to preserve Oracle's right to defer rent payments for up to three years if the campus misses its planned 2028 opening (specifically a March 2028 target). Oracle shares fell about 4.4% to ~$138.15–$139.54 on Sept. 24 (volume 37.1 million shares, 1.23× average), more than $100 below the stock's 2026 peak of ~$248 in early June. Oracle said 'Project Jupiter remains on our planned schedule' and that such notices are 'commonplace in developments of this scale'; Blue Owl said the notice does not change financial commitments to the project.
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Who’s affected
- Oracle (ORCL) — directly: exposure is to Stargate execution credibility, payment-timing risk on huge lease commitments, and whether AI capex yields returns on schedule. Blue Owl Capital (OWL) — project developer's parent, fell 4.22% the same day, exposed as the project's financier/developer. Bloom Energy (BE) — gas fuel-cell supplier for the campus, fell 6.33%. Broader AI infrastructure/data-center complex faced a Morgan Stanley-led review of AI data-center loans and leases after the news.