Morgan Stanley said that Oracle issued a force majeure notice to large data center developers in New Mexico, causing relevant loan and lease documents to be re-examined, and also made companies planning to build AI infrastructure through debt market financing face more challenges. Analysts Lindsey Taylor, Vishwas Patka and others wrote in the research report on Friday: “We expect that there are still a large number of transactions that are at risk of construction or completion and that have weak tenants' qualifications, which will be the most affected. In contrast, assets that are close to stable operation and have low construction risk will be less affected by such problems.” Companies that plan to raise billions of dollars to build artificial intelligence infrastructure are already facing higher borrowing costs, higher risk premiums driven by abundant supply, and continuous waves of opposition from data centers across the US. Analysts said that Oracle's move was intended to avoid the costs associated with the extension of the New Mexico data center, adding contract-level uncertainty to an already pressured market.

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