Oracle and OpenAI have aimed to build $500 billion of data centers by the end of the decade to power their artificial intelligence ambitions. But the massive initiative, called Stargate, may be exhausting the supply of available capital.JPMorgan Chase, the bank that recently led a pack of lenders to extend roughly $38 billion of debt for the construction of two planned Stargate data center campuses in Texas and Wisconsin, has encountered diminished interest as it has sold off pieces of the loan to other fi ...

Core Insights - OpenAI is investing $400 billion to establish five large data centers across the U.S. to enhance its AI capabilities, directly competing with Microsoft and Meta [1][2] - The "Stargate" project will involve partnerships with Oracle and SoftBank, with data centers located in Texas, New Mexico, Ohio, and an undisclosed Midwest location [2] - The planned data centers will collectively draw seven gigawatts of power, significantly increasing OpenAI's computing capacity [2][4] Industry Context - Major tech companies, including Microsoft and Meta, are also making substantial investments in data processing capabilities, with Meta planning to spend hundreds of billions on its own data center network [3] - The shift towards gigawatt data centers represents a significant advancement from the previous hyperscale data centers, which typically operated on several hundred megawatts of power [4] - OpenAI's current construction of a massive 800-acre data center in Abilene, Texas, is part of this initiative, featuring extensive fiber-optic infrastructure [5] Strategic Importance - OpenAI emphasizes the urgency of building infrastructure to support the growing demands of AI technologies, with CEO Sam Altman highlighting that current efforts are just a fraction of what is needed [6]