Markets sold off after the Financial Times reported that Blue Owl Capital would not back a planned $10 billion Oracle data center in Saline Township, Michigan for OpenAI, following earlier reports that talks had stalled and Oracle disputed that account.The report sent
Oracle shares down as much as 6% and helped pull the
Nasdaq about 1.2% lower while the
S&P 500 and
Dow Jones also slipped, as analysts cited cooling AI enthusiasm,
Oracle’s heavy debt and its $248 billion in lease and cloud commitments;
Oracle spokesperson
Michael Egbert said the project is moving forward and remains on schedule.