What Oracle is up to now

New 09-30: Tencent leased about 100,000 advanced AI chips from Oracle in a five-year deal worth about $7bn, the Financial Times reported. The AMD 50,000-GPU rollout expected in the third quarter passed 09-30 with no disclosure that it has begun. New 09-26: THE PLEDGE AND THE NOTE. Oracle's proxy filed 09-25 shows Larry Ellison had 413 million Oracle shares pledged as collateral as of 09-21, 67 million (19%) more than a year earlier and about $9.2bn at Friday's $137.10 close (SEC filing). Morgan Stanley's Friday note called the Project Jupiter force-majeure notice an 'escalation' for data-center debt (Bloomberg, via secondary summaries). Oracle's US shares fell 4.4% at Thursday's close; its Japan unit rose more than 7% Friday on record quarterly results. New 09-25: JUPITER SLIPS ABOUT A YEAR; THE JAPAN UNIT HITS A RECORD. Reuters reported on the evening of 09-24 that the Project Jupiter force majeure delays the New Mexico campus by about a year, that Blue Owl has about $3bn of equity in it, and that the episode is weighing on SB Energy's Ohio campus; the pipeline's in-service date moved to 2027-02-01. Bloomberg's fuller account (09-25) describes a three-year rent deferral if both sides agree power delays caused the event, with Oracle still owing interim costs and full lease-term rent and no event of default on the $18bn loan; Bloom Energy said Oracle remains committed to its 2.4GW fuel-cell contract. Oracle Corp Japan rose more than 7% on 09-25 on record fiscal first-quarter sales and profit. No current credit-default-swap level is public: a 214.7bp figure circulating on 09-24 traces to August data. New 09-24 late afternoon: CREDIT RECORD AND A POLITICAL PAUSE CALL. Seeking Alpha (relaying Zerohedge) reported Oracle's credit default swaps at a record high and the yield on its 6.7% 2056 bonds above 8% for the first time (12:52pm ET; the swap level itself was not given), and that a junk downgrade would push about $120bn of bonds out of investment-grade indexes. Oracle said force majeure notices 'are commonplace' and 'do not, by themselves, establish a project delay'. Rep. Teresa Leger Fernandez (D-N.M.) called for a pause on New Mexico data centers and published 'No Blank Checks' standards; the state ethics commission found Oracle spent more than $3.4m on ads aimed at the Jupiter air permit. New 09-24 afternoon: PIPELINE SLIPPED. TechCrunch reported the gas pipeline meant to feed Project Jupiter has slipped to 2027-02-01 and that the campus's air-permit decision is due 11-23; neither it nor CNBC carries an OpenAI comment on Oracle's force majeure notice. Oracle stock was down 3.6% at $139.42 at 3:10pm ET (low $133.48). New 09-24: FORCE MAJEURE NOTICE ON THE FLAGSHIP STARGATE SITE. On 09-24 Bloomberg reported that Oracle sent the Blue Owl-owned developer of Project Jupiter (New Mexico, 2.45GW) a force majeure notice, a bid to defer payments if the campus is not live by 2028 rather than a walk-away; Oracle says the project remains on schedule and Blue Owl says the notice does not change its financial commitments. About 20 banks lent $18bn against the site and one person quoted the loan below 90 cents. Oracle shares fell 4-6%. It lands on top of the 09-18 loan stall. New 09-19: THE STARGATE LOAN WON'T SELL. The FT reported (09-18) that the ~$18bn syndicated loan for Oracle's Project Jupiter (Stargate, New Mexico) stalled in bank distribution and is quoted around 89-91 cents on the dollar, with Oracle rated one notch above junk since July. New 09-11: THE BACKLOG IS REAL AND THE FUNDING IS BORROWED. Q1 FY2027, reported after Thursday's close on the corrected date, put remaining performance obligations at $664bn — up $209bn year over year, with more than $30bn of new AI cloud contracts signed in the single quarter, and roughly half guided to convert inside 36 months. Revenue $19.3bn (+30%), adjusted EPS $1.92 against $1.74 expected, cloud infrastructure +121% to $7.4bn, FY27 guidance raised to $8.10 adjusted EPS on $90bn+ revenue. The stock rose 7% to $164.25 and dragged CoreWeave and Nebius up 4% each against a 1% QQQ. The number that changes the reading is on the other side of the release: capex $28.5bn against free cash flow of MINUS $5bn. This settles `oracle-stargate- bet`'s open question — Stargate-scale commitments ARE showing up as contracted backlog rather than announced intentions — and replaces it with a duration-mismatch question, in a week when the US 10-year touched 4.954%. Separately issued a 2-gigawatt renewable RFP in New Mexico to offset AI datacentre emissions.

as of 2026-09-30