For some reason an old line comes to mind:
He lied like a Finance Minister on the eve of a devaluation.
From Reuters, December 12:
Oracle denied on Friday a media report that it was delaying OpenAI-related data centers, following investor worries over its debt-fueled AI infrastructure buildout.
Bloomberg News had earlier in the day reported that Oracle had pushed back the completion dates for some data centers it is developing for OpenAI to 2028, a year later than planned, due to labor and material shortages.
"There have been no delays to any sites required to meet our contractual commitments, and all milestones remain on track," Oracle spokesperson Michael Egbert told Reuters in an emailed statement.
"We remain fully aligned with OpenAI and confident in our ability to execute against both our contractual commitments and future expansion plans," Egbert added.Shares of Oracle, which had fallen 3.6% following the report, pared some losses to be down by 2.8% in afternoon trading. Other AI-related shares also tumbled, with chip giant Nvidia (NVDA.O),, Advanced Micro Devices (AMD.O), Micron (MU.O) and Arm Holdings down between 2% and 4.5%.The Bloomberg report came a day after Oracle logged its biggest stock drop since late January, following earnings that showed rising spending and a weak outlook for a company that is increasingly reliant on OpenAI.Long a smaller cloud-computing player, Oracle has leaped into the artificial intelligence infrastructure race this year on the back of a $300 billion OpenAI data-center deal. But the buildout has forced the company to borrow aggressively.Investors, spooked in recent weeks by signs that Google was pulling ahead in the AI race and by Oracle's rising debt load, have sold off the company's stock and bonds. The cost of insuring Oracle's debt against default surged on Thursday to its highest in at least five years and was up again on Friday.The shares are up just 13% now for the year, having erased all the gains from a 36% jump in September, when it reported a massive backlog of over $450 billion — mostly tied to OpenAI.Investors have been growing more picky in the AI space, with less willingness to indiscriminately reward spending on AI, even as they bet on its long-term potential....
....MUCH MORE
*Future of the Housing Industry and Federal Housing Policy: Hearings Before ... - Page 183 by United States, Congress, House - Construction industry - 1982 - 569 pages
There is the old saying—I think it's from a book by Somerset Maugham—that he lied like a finance minister on the eve of a devaluation...
Earlier:
"Oracle delays some of its OpenAI data centers from 2027 to 2028 - report" (ORCL)
