Oracle-Blue Owl Decoupling Rattles Markets Ahead of Debt Deluge

It’s becoming clear that even the slightest hint of trouble around data centers is enough to spook investors who are banking on the artificial-intelligence boom to power equity markets and provide a wave of debt deals in 2026.

The latest hiccup centers around Oracle Corp.’s financing for a data center in Michigan. While it’s largely moving along as expected, there’s a key difference: Blue Owl Capital, a longtime partner in its rapid AI infrastructure build-out, is not contributing equity.

That fact alone, confirmed by Oracle in a statement Wednesday, sent its stock into a renewed tailspin and put ...