Oracle's $664 Billion Backlog Faces a Harder Conversion Test

Oracle shares fell sharply Thursday after the company sent a force majeure notice tied to Project Jupiter, its $165 billion AI data center campus in New Mexico. The stock traded at $137.45 in the afternoon, down $7.11 (4.9%) from Wednesday’s close of $144.56, with a session range between $143.17 and $133.48. The intraday drop was its steepest since the Sept. 10 earnings reaction. Oracle said the project remains on schedule for a 2028 launch, and that it is fully committed to New Mexico. The notice, sent to Stack Infrastructure, would let Oracle defer payments if the facility misses the date.