Oracle invokes force majeure on New Mexico AI data center

Oracle invoked force majeure on its troubled New Mexico AI data center project (Project Jupiter), allowing the company to delay payments if the facility doesn't launch as scheduled in 2028, causing Oracle stock to fall 4%. The move comes amid significant financial strain from Oracle's aggressive $28.5 billion quarterly capital spending on AI infrastructure buildout, environmental and community opposition, and $18 billion in stressed debt tied to the project. Despite the challenges, Oracle reported strong first-quarter revenues of $19.3 billion and plans to raise approximately $40 billion through debt and equity financing.