Oracle reportedly delays OpenAI data center construction, AI concept stocks all plummet, Bitcoin sharply drops then recovers to $90,000

Oracle’s delay in extending the construction of data centers has triggered a collective decline in AI and cryptocurrency concept stocks, with Bitcoin also briefly falling below $90,000.
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Last night (12), US stocks with AI concept stocks all declined. Oracle (Oracle) once plunged over 6% intraday, closing down 4.47%; Nvidia (Nvidia) also weakened nearly 3%, and AMD dropped more than 5%. The trigger was market rumors that the super-large data center built for OpenAI by Oracle will be delayed from 2027 to 2028 due to labor shortages and material scarcity in the US.

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Cryptocurrency concept stocks also almost uniformly fell. Focus stocks Bitmine (BMNR) plummeted 9.17%, closing at $34.86; stablecoin issuer Circle declined 5.76%, Coinbase only slightly down 0.46%.

The cryptocurrency market also faced selling pressure, with Bitcoin quickly dropping below $90,000 near 0 points; as of press time, it temporarily reports $90,287, while Ethereum remains above $3,000.

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Rumors and Official Denials

Several media outlets pointed out that the $300 billion computing power agreement signed between Oracle and OpenAI this summer is facing labor and material bottlenecks, forcing schedule delays. If the timeline is indeed extended, Oracle will need to bring forward $50 billion in capital expenditure over the next three years, leading to a surge in its debt default swap (CDS) costs.

However, regarding the reports, Oracle spokesperson quickly clarified that the first data center in Abilene, Texas has deployed 96,000 Nvidia chips, emphasizing:

All contract milestones are progressing as planned, with no delays.

Despite this firm statement, the market still responded with sell orders. Since September, Oracle’s stock price has fallen about 40% from its high.

( Supply chain tightness and its impact on stock prices

If the data center hardware cannot be delivered as scheduled, it also means that high-end Nvidia GPUs will be difficult to install and recognize revenue, further suppressing stock prices.

This event again highlights that AI development has shifted from a “computing power race” to a “civil engineering and power supply race.” Labor shortages, material shortages, and power dispatching are becoming new bottlenecks, and any slip in these links could trigger violent fluctuations in high-valuation tech stocks.

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Tags: AI Oracle US stocks data center Nvidia