We’ve said this for how long?
“Oracle and OpenAI's AI data centers buildout needs $500 billion, and Wall Street is starting to flinch”
“Oracle and OpenAI have aimed to build $500 billion of data centers by the end of the decade to power their artificial intelligence… https://t.co/WbGD3j8UTO pic.twitter.com/IVkaC5OZCB
— kristen shaughnessy (@kshaughnessy2) January 24, 2026
Oracle and OpenAI have plans to build $500 billion of data centers in a venture called Stargate.
JPMorgan Chase has seen slower investor interest for $38 billion of debt tied to two Stargate sites.
The pullback comes amid growing concerns about Oracle’s credit rating and risk.
Oracle and OpenAI have aimed to build $500 billion of data centers by the end of the decade to power their artificial intelligence ambitions.
But the massive initiative, called Stargate, may be exhausting the supply of available capital.
JPMorgan Chase, the bank that recently led a pack of lenders to extend roughly $38 billion of debt for the construction of two planned Stargate data center campuses in Texas and Wisconsin, has encountered diminished interest as it has sold off pieces of the loan to other financial players, a person familiar with the situation said.
The person said that the two projects are fully financed, the syndication effort by JPMorgan had been successful overall, and that the slowdown in new participants hadn’t alarmed bankers given that it was at the tail end of such a large debt offering.
But the person acknowledged that banks and institutional investors had also grown wary in recent months of taking on too much exposure to Oracle, a tech giant whose credit rating sits below some of its peers in the AI race, including Microsoft and Google.