Oracle spooks the stock market after key partner refuses to fund $10B Michigan data center project

Shares of the cloud infrastructure and database giant Oracle Corp. fell more than 4% during regular trading today after a Financial Times report claimed that one of its key financial partners, Blue Owl Capital LLC, declined to fund the construction of a $10 billion data center project in Michigan.

Blue Owl Capital had reportedly been in advanced talks with Oracle and other lenders regarding an investment in the 1-gigawatt data center facility in Saline Township, Michigan. However, the report said Blue Owl decided to walk away from the deal after failing to agree on the terms of the loan.