Investors Are Turning Against Data Centers (Here's Why)

Public markets are rejecting data-center hype (SB Energy's failed IPO, Oracle's force majeure) even as NVIDIA's multiple compresses to decade lows.

• SB Energy IPO pulled: Bankers couldn't find buyers for the $50B valuation on a company with $214M revenue (down 8%), zero operating data centers, and only 9% of contracted capacity under construction.
• Oracle invokes force majeure: Oracle told its Project Jupiter developer it may delay payments if the data center isn't operational by 2028; Oracle stock fell 5%, financier Blue Owl fell 7%.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.