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Oracle Issues Force Majeure Notice on New Mexico Stargate Data Center
Oracle has sent a force majeure notice to the developer of Project Jupiter, a Stargate data center campus in New Mexico, Bloomberg first reported Thursday. The notice would allow Oracle to delay payments should the facility miss its 2028 target to come online, though Oracle is not seeking to exit as the campus's main tenant. Blue Owl Capital, whose unit received the notice, said the notice does not change the financial commitments to the multi-year project. Oracle said Project Jupiter remains on its planned schedule and that it is fully committed to New Mexico. The campus, designed to handle 2.45 gigawatts, is meant to run on gas-powered fuel cells from Bloom Energy, and an Energy Transfer pipeline intended to deliver gas to the site has been delayed nearly six months, to Feb. 1, 2027, after regulators repeatedly denied permits. Project Jupiter is one of the flagship sites of Stargate, the AI infrastructure initiative Oracle, OpenAI and SoftBank announced with President Donald Trump early in his second term.
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Meta Unveils Palm-Sized Device for Muse AI Assistant
Meta Platforms Inc. unveiled a palm-sized, dedicated gadget for using Muse, the company's popular new artificial intelligence assistant, pushing deeper into the AI devices market with a surprise announcement. The device runs entirely on the cloud, with nothing processed on the hardware itself, and is designed to let users interact by voice rather than opening an app on a smartphone. Meta is positioning it as a persistent agent that runs 24/7, working behind the scenes on tasks such as organizing calendars, cleaning up emails and ordering goods online without constant prompting. The company has added Walmart and Best Buy as partners as it builds out an ecosystem around the device, and Meta is expected to subsidize the hardware well below Apple's Vision Pro price point. Meta's capital expenditure was 27 billion dollars in 2023 and 140 billion dollars this year, and one analyst said he expects the company to raise its 2027 capex guidance by at least 60 to 70 percent, if not higher, on the coming third-quarter earnings call, though the monetization model remains unclear beyond a planned 1 to 2 percent cut of facilitated transactions.
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JPMorgan Upgrades CoreWeave to Overweight, Raises Price Target to $125
JPMorgan upgraded CoreWeave to Overweight from Neutral and raised its price target to $125 from $120, citing stronger demand and more favorable contract pricing that could lift revenue and margins above prior expectations. Analyst Samik Chatterjee said the favorable pricing backdrop for compute, combined with CoreWeave's incremental willingness to lean into short-term contracts at premium pricing, drove the firm's revenue and margin forecasts higher despite lackluster share price performance tied to investor concerns around capital intensity. JPMorgan noted that CoreWeave adjusted pricing on roughly 25% of its products in July, while competitors including Nebius have implemented frequent increases, and that short-term compute contracts elsewhere can reportedly price at nearly three times CoreWeave's longer-term agreements. Chatterjee also pointed to CoreWeave's August DDTL 5.5 financing as evidence that debt markets are becoming more comfortable with sustained GPU demand. CoreWeave shares rose in premarket trading Thursday following the upgrade.