To The Moon

$ORCL 20260320 280.0 PUT$ 

🐯 Oracle’s $10B Data Center “On Hold” — AI Narrative Meets Credit Reality

Reuters just reported Oracle’s $10B Michigan data center is now in limbo after Blue Owl (its biggest data center partner) won’t back the deal, citing concerns around Oracle’s rising debt and AI spending.

Here’s the real takeaway:

✅ AI demand is real

❌ AI financing isn’t free anymore

Why this matters

• This isn’t a “chip shortage” problem — it’s a funding problem. When the lender gets cautious, the buildout slows.

• Tech is overheated without clear ROI. Credit markets don’t buy vibes — they buy cashflow.

• Higher rates = longer payback period. The “infinite AI capex” story breaks the moment financing terms tighten.

What I’m watching next

• Any changes to Oracle capex / debt trajectory

• Credit spreads / bond sentiment (that’s where the truth leaks first)

• Whether Oracle finds a new backer (FT says Blackstone is in discussions)

• Where JGB is going this week

Bottom line: AI isn’t dead — but this is a crack in the narrative.

When a $10B project can’t get clean funding, that’s your reminder: the AI boom is now a credit cycle story.