Oracle Stock Drops After New Mexico Rejects Pipeline for AI Data Center
Oracle stock fell about 3.5% to a fresh 52-week low near $122 after New Mexico Land Commissioner Stephanie Garcia Richard rejected, for the second time, a natural gas pipeline needed to power Oracle's 'Project Jupiter' data center. The 2.5-gigawatt campus in Doña Ana County is part of the $500 billion Stargate AI infrastructure initiative with OpenAI. The commissioner cited environmental risks, including over 10 million tons of annual greenhouse gas emissions and water strain in an arid region. The denial threatens to delay power availability at the site from 2027 to 2029, potentially adding billions in costs. The move amplified investor concerns about Oracle's heavy spending on AI capacity and its ability to compete with cloud hyperscalers.
Editorial responsibility
- No named human review is recorded for this page.
- Reports are grouped by semantic similarity and deterministic rules. Language models may assist titles, summaries, translation and cross-source analysis; the page itself is projected from evidence records.
- Current automated evidence projection