Oracle and OpenAI’s data center expansion requires billions of dollars in debt – and Wall Street is watching it carefully

oracle and OpenAI have set a goal of building $500 billion in data centers by the end of the decade to advance their artificial intelligence ambitions.

But the massive initiative was calling Stargatemay result in available capital being exhausted.

JPMorgan Chase, the bank that recently led a number of lenders to roll over about $38 billion in debt to build two planned Stargate data center campuses Texas and Wisconsin has seen less interest as portions of the loan have been sold to other financial players, a person familiar with the situation said.

The person said the two projects are fully funded, JPMorgan’s syndication efforts have been successful overall and that the slowdown in the number of new participants has not worried bankers as they are at the end of such a large bond offering.

However, the person acknowledged that banks and institutional investors have also become cautious about taking too much exposure to Oracle in recent months,…