CoreWeave and Oracle have borrowed heavily to build more AI data-center capacity, spooking bond markets and sending debt-insurance prices soaring.

Oracle Corp. said final negotiations on an equity deal for a data center project in Michigan are “on schedule” and doesn’t include Blue Owl Capital, a firm that has helped finance massive data center projects for firms including Oracle and Meta Platforms Inc.

Shares of Oracle fell sharply on Wednesday after a report raised fresh questions about financing for one of the company’s flagship artificial intelligence infrastructure projects.

Dec 17 (Reuters) - Oracle's largest data ‌center ​partner, Blue Owl Capital, will ‌not provide funding for a $10 billion deal to build its ​next facility, a source said on Wednesday, amid growing concerns about the cloud computing ‍company's rising debt and artificial ​intelligence spending.

AI investors are scrutinizing a once-obscure metric related to future sales.

Oracle ( ORCL 5.46%) stock skyrocketed after the company delivered its fiscal 2026 first-quarter report in early September, but since then, it's given up all of those gains and then some. The latest blow to the stock came when the company reported mixed results for its fiscal second quarter after the bell on Wednesday.

All the while, Oracle’s five-year credit-default swaps (CDS) —a key indicator of credit risk — have been surging. While Oracle’s revelations about its pipeline of AI deals in the coming years continue to positively surprise investors,