Oracle says Michigan data center project talks on track without Blue Owl

Group 1 - Oracle's equity deal discussions for its Michigan data center project are on schedule and do not involve Blue Owl Capital, despite previous reports of stalled negotiations causing a 5% drop in shares [1] - The Michigan project, part of Oracle's Stargate AI infrastructure initiative with OpenAI, is expected to begin construction in early 2026 [1][5] - Blue Owl, Oracle's largest data center partner, was in talks to support the $10 billion project but could not agree on terms that matched its other commitments [2] Group 2 - Oracle's AI infrastructure expansion is under scrutiny as its debt increases and its financial performance becomes closely linked to OpenAI, which is valued at approximately $500 billion but is currently unprofitable [3] - Since mid-September, Oracle's shares have declined by about 40%, reversing gains from a previous rally related to nearly $455 billion in booked cloud orders, primarily associated with OpenAI [3] - Following a recent earnings report, Oracle's stock has fallen 15%, raising concerns about the returns from its AI initiatives [4] Group 3 - A representative from Related Digital stated that full construction of the Michigan project is expected to commence in the first quarter of 2026, with significant interest from equity partners [5] - Oracle has not yet signed a deal with a new financial backer, although Blackstone Group has been in discussions as a potential partner [5]