Oracle just declared force majeure on its New Mexico data center. They're trying to delay rent payments because the project might not be ready by 2028.
But here's the best part. Oracle is still on the hook for the debt costs. The loans tied to this project are already trading below 90 cents on the dollar. Banks are basically saying they're not sure this thing gets paid back.
This is a signal. One of the biggest AI projects in the country, tied to OpenAI, and it's already wobbling before it even turns on. The AI bubble is increasingly fragile.