Oracle Stock Tumbles as New Mexico Data Center Project Hits Permit Snags

Oracle's stock price dropped by 6.13% to $138.43 as its New Mexico data center project, Project Jupiter, faced permit challenges and delays.

The company invoked force majeure terms to limit risks from possible project setbacks, notifying the project developer about a provision linked to Project Jupiter that could delay certain payments if the facility fails to start operations in 2028.

Project Jupiter is part of Oracle's large infrastructure expansion plans involving OpenAI and SoftBank, targeting 2.45 gigawatts of power capacity for advanced computing workloads.