From the article: «The technology giant sent the project’s developer, a unit of Blue Owl Capital Inc., a notice citing force majeure, according to people familiar with the situation. Rather than trying to walk away as the site’s main tenant, Oracle is attempting to put off payments should the data center dubbed Project Jupiter get derailed and fail to come online in 2028 as planned, the people said, asking not to be identified discussing private matters.»
In other words: we built a house of cards three meters tall and when it could not withstand a hurricane we called that force majeure.
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I'm pretty sure that people were writing these kind of articles in the years leading to 2008. I just wonder what company's going to be the Lehman Brothers of the tech sector. But regardless of which one falls first we should make 100% sure that no public money is used to bail these idiots out. Let the speculative funds that invested in them pay the price.
From the article:
"Oracle is in the most tenuous of cash positions of all the major hyperscalers," KeyBanc analyst Jackson Ader said. "These types of issues might spread, but Oracle does feel it more acutely than its larger, more cash-rich peers."
Issues spreading is the key concern here, as Oracle has inked scores of deals and taken on enormous amounts of debt to fund its artificial intelligence ambitions. Any disruption to its carefully constructed AI mosaic could make it much harder for Oracle financially, and that means others in the AI space could feel it too.
https://finance.yahoo.com/markets/stocks/article/why-oracles-force-majeure-notice-is-freaking-out-ai-bulls-170304487.html