Oracle fell 4.23% in premarket trading after Bloomberg reported that the company sent a force majeure notice to the developer of Project Jupiter, a massive data center being built in New Mexico. The developer is a unit of Blue Owl Capital, and the project has already run into local opposition and regulatory setbacks. Oracle is not trying to walk away as the site's main tenant, according to people familiar with the situation; instead, it aims to put off payments if the project is derailed and fails to come online in 2028 as planned, protecting itself from potential cost increases on the build. Companies typically invoke force majeure to free themselves from contractual obligations when problems arise beyond their control. The notice suggests Oracle sees a real risk the timeline slips, and it could shift part of that risk onto Blue Owl.
Oracle's force majeure notice on Project Jupiter shifts timeline/cost risk onto Blue Owl's developer unit, which already faces local opposition and regulatory setbacks.
Oracle sent a force majeure notice on its New Mexico data center, signaling real risk the 2028 timeline slips and protecting itself from potential cost increases.
MeetKai Rolls Out Sovereign AI on NVIDIA Across Six Countries
MeetKai announced a six-country rollout of its sovereign AI stack, built on NVIDIA AI infrastructure, across Brazil, Ukraine, Pakistan, Kazakhstan, Uzbekistan and Bangladesh, six countries home to more than 700 million people. In Brazil, MeetKai Brasil won SERPRO's public tender for the national sovereign AI platform with the highest overall score and will deploy the platform and locally trained models on NVIDIA accelerated computing in-country, including a sovereign coding agent for secure workflows. In Ukraine, MeetKai and Kyivstar, VEON's majority owned subsidiary and leading Ukrainian digital operator, will build a sovereign AI data center, the first national-scale AI factory in the country, with first capacity planned to come online in 2027 and a design expected to expand from 15 to 100 MW as demand from the public sector and Ukrainian industry grows. Across VEON's five markets, home to more than 150 million mobile customers and over 225 million digital customers, MeetKai acts as VEON's AI lab-as-a-service, beginning in Ukraine followed by Pakistan, Kazakhstan, Uzbekistan and Bangladesh, with each site operated by MeetKai together with VEON's local operator. MeetKai, an NVIDIA Inception member, is also expanding its work in Egypt with Smart Africa, building its AI stack on NVIDIA technology as part of its plans for the market.
Nscale Raises $3.36B in Pre-IPO Convertible Financing Led by Third Point
Nscale Limited, the full-stack AI cloud platform, announced a $3.36bn raise through convertible loan notes led by Third Point. The round drew support from new and existing investors including NVIDIA, funds managed by Apollo, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council, and 8090 Industries, along with Davidson Kempner Capital Management, Qube Research & Technologies, Context Capital Management, Longaeva Partners L.P., Wellington Management, Castleknight, Ghisallo Capital Management, LionTree Investment Fund, L.P., Javelin Venture Partners, and Irving Investors. The financing consists of an initial $2.36bn tranche at closing and an additional $1bn commitment from NVIDIA, with that funding expected in mid-November, 2026. The loan notes convert automatically into ordinary shares, or non-voting shares in the case of NVIDIA, upon completion of Nscale's initial public offering. Nscale said the capital will accelerate expansion of its vertically integrated AI cloud platform, spanning behind-the-meter power plants, liquid cooled AI data centers, and large-scale GPU clusters, against total contracted value of over $103bn. Goldman Sachs & Co. LLC acted as placement agent for the raise.
Goldman Sachs Underweight on Hyperscaler AI Debt on Supply Flood
Goldman Sachs is turning more cautious on debt issued by the biggest AI hyperscalers, with its asset-management arm going underweight on the sector as massive infrastructure spending drives a flood of new corporate borrowing. "We believe there will be a lot of hyperscaler issuance," Lindsay Rosner, head of multi-sector fixed income investing at Goldman Sachs Asset Management, told Bloomberg TV. "For that sector at large we are underweight knowing more issuance will come." Amazon, Meta Platforms, Alphabet, Microsoft and Oracle have been ramping capital spending to finance data centers, chips, power and other AI infrastructure, pushing several Big Tech companies deeper into the corporate bond market. Rosner said her team still believes in the AI story but expects continued borrowing to reprice parts of the credit market as investors absorb larger volumes of new debt, a distinction she framed as primarily about supply. Brookings Institution research cited in the report estimates U.S. AI infrastructure could require roughly $10.3 trillion of investment through 2032, with more financial risk potentially moving away from Big Tech balance sheets and into less-transparent financing structures.
Blue Owl Capital Corporation
Blue Owl Capital Inc
Oracle Corporation