By Simply Wall St
Publication Date: 2026-03-08 01:04:00
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Oracle and OpenAI have canceled plans to expand a flagship AI data center project in Abilene, Texas, after negotiations over funding and project scope stalled.
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The decision comes as Oracle announces major layoffs and cost cuts tied to financial pressure to invest quickly in AI infrastructure.
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The canceled expansion could make room for Meta as a potential tenant, with Nvidia involved in facilitating a transition at the site.
Oracle, trading as NYSE:ORCL, is in the spotlight as it withdraws a high-profile AI data center project while cutting thousands of jobs across multiple departments. The stock last closed at $152.96, returning 5.2% over the past week and 4.3% over the past month, while falling 21.8% year to date. Longer periods show returns of 88.6% over 3 years and 143.9% over 5 years…