According to TechCrunch, "Oracle has sent a force majeure notice to the developer of Project Jupiter, a Stargate data center campus in New Mexico", a move that allows the company to delay payments if the facility misses its milestones. That's not a minor construction hiccup. That's a multi-billion-dollar hyperscaler telling its financing partners that the underlying project may never function as promised.
The project's loans are already trading at a discount. Reports indicate the $18 billion in debt behind this facility is trading at roughly 88 to 90 cents on the dollar, a clear signal that lenders are pricing in a meaningful chance of default. When debt trades below par in a supposedly booming sector, the bond market is telling you something the cheerleaders on CNBC refuse to say out loud. I've said for months that the AI buildout is being financed with Enron-style off-balance-sheet vehicles, and now we're watching that architecture start to buckle. This is not a blip. This is the beginning of the unwind.
We are now witnessing the moment the AI narrative collides with physical reality. You can print dollars. You can spin press releases. You cannot conjure electrons, pipelines, permits, or transformers out of thin air. Oracle just discovered that the hard way, and I believe the rest of the industry is about to follow....<<<Read More>>>...














































