Blue Owl Capital's decision to step away from financing an Oracle-backed (NYSE: ORCL) AI data center has become a fresh flashpoint for investors already on edge about the financial architecture behind the AI infrastructure boom.

Shares of Oracle fell sharply on Wednesday after a report raised fresh questions about financing for one of the company’s flagship artificial intelligence infrastructure projects.

Blue Owl had been negotiating both equity investment and debt arrangements for the planned 1-gigawatt facility serving OpenAI. ・Oracle has heavily invested in AI data centers while increasing its debt,