消息人士：甲骨文因電力延宕對資料中心專案主張「不可抗力」

作者：Isla Binnie、Jaspreet SinghBy Isla Binnie and Jaspreet Singh

路透9月24日電——一名知情人士週四告訴路透社，甲骨文已向大型新墨西哥州資料中心開發商 Blue Owl 旗下單位發出「不可抗力」通知，理由是該專案取得電力可能延宕。Sept 24 (Reuters) - Oracle issued a "force majeure" notice to a Blue Owl unit, the developer of a large New Mexico data center, citing potential delays in securing power for the project, a person familiar with the matter told Reuters on Thursday.

甲骨文股價下跌3.3%。消息人士表示，依合約規定，為該場址取得電力是甲骨文的責任。Shares of Oracle were down 3.3%. The source said that securing power for the site is Oracle's responsibility under the contract.

消息人士說，甲骨文在任何情況下都不能終止租約，並補充稱，另類資產管理公司 Blue Owl 對該專案投入約30億美元股權資金，而甲骨文負責支付債務成本。Oracle cannot terminate the lease under any circumstances, the source said, adding that alternative asset manager Blue Owl has about $3 billion in equity in the project, with Oracle responsible for paying the debt costs.

企業通常在發生非其所能控制的問題時主張不可抗力，以免除自身的契約義務；這類舉動可能引發貸款方與投資人的疑慮。Companies typically invoke force majeure to free themselves from contractual obligations when problems arise beyond their control, a move that can raise concerns among lenders and investors.

彭博新聞率先報導這項進展。報導指出，甲骨文並非打算退出主要承租人角色，而是試圖在名為「木星計畫」（Project Jupiter）的資料中心受阻、無法依計畫於2028年上線時，延後付款。Rather than exiting as the main tenant, Oracle is attempting to delay payments should the data center dubbed Project Jupiter get derailed and fail to come online in 2028 as planned, according to a report by Bloomberg News, which first reported the development.

甲骨文未立即回應路透社的採訪請求。該公司當天稍早表示：「木星計畫仍依照我們規劃的時程進行。」Oracle did not immediately respond to a Reuters request for comment. "Project Jupiter remains on our planned schedule," the company said earlier in the day.

擁有資料中心開發商 Stack Infrastructure 的 Blue Owl 表示，這項通知不會改變對這個多年期專案的財務承諾。Blue Owl, which owns the data-center developer Stack Infrastructure, said the notice does not change the financial commitments to this multi-year project.

消息人士表示，在開發階段，Blue Owl 的股權報酬率為9%；他並補充說，專案完工後，槓桿後收益率預期約為11%。During the development stage, Blue Owl earns a 9% yield on its equity, the source said, adding that upon completion of the project, the levered yield is expected to be around 11%.

據消息人士說，藉由主張不可抗力，甲骨文延長了向 Blue Owl 支付較低開發階段租金的期間。Blue Owl 仍會在原本規劃的期間內收到較高租金，但起始時間將延後。By invoking force majeure, Oracle extends the period during which it pays Blue Owl the lower development-stage rent. Blue Owl will still receive the higher rent for the originally planned duration, but its start will be delayed, according to the source.

根據媒體報導，占地1,400英畝的木星計畫園區已從一個銀行財團取得180億美元貸款，這是甲骨文與 OpenAI 更廣泛協議的一部分，該協議旨在提供人工智慧運算容量。The 1,400-acre Project Jupiter campus, which secured $18 billion in loans from a consortium of banks, according to media reports, is part of Oracle's broader agreement with OpenAI to provide AI computing capacity.

據報導，該資料中心園區面臨多項基礎設施阻礙，包括一條規劃中的天然氣管線延宕，以及水資源與空氣品質許可面臨法律挑戰。The data center campus has reportedly faced multiple infrastructure setbacks, including delays to a planned natural-gas pipeline and legal challenges over water and air-quality permits.

該專案是「星際之門」（Stargate）的一部分。星際之門是一項在美國興建人工智慧基礎設施的倡議，涉及 OpenAI、軟銀集團（SoftBank Group）及包括甲骨文在內的合作夥伴所承諾的5,000億美元投資。The project is a part of Stargate, an initiative to build AI infrastructure in the US under a $500 billion investment commitment involving OpenAI, SoftBank Group and partners including Oracle.

這項大規模人工智慧基礎設施建設面臨日益升高的挑戰。開發商一方面競相取得電力與其他資源，一方面也要管理為 OpenAI 等合作夥伴部署運算容量所需的龐大成本。The massive AI infrastructure build-out has faced mounting challenges, as developers race to secure power and other resources while managing the enormous costs of deploying computing capacity for partners such as OpenAI.

民眾反對聲浪升高，使資料中心成為政治焦點；資料中心專案周邊社區對其可能影響當地能源、水與其他自然資源供應表達關切。Growing opposition from the public has made data centers a political flashpoint, with communities around data center projects raising concerns over their impact on local supply of energy, water and other natural resources.

券商威廉布萊爾（William Blair）表示，雖然這則消息加劇外界對監管與電力相關延宕影響人工智慧部署的擔憂，但該公司預期對甲骨文的短期影響有限。Brokerage William Blair said while this news intensifies worries about regulatory and power-related delays affecting AI deployments, it expects minimal short-term impact on Oracle.

「實際上，2027會計年度應不會受到影響，因為木星計畫今年沒有貢獻任何營收。」"Practically, fiscal 2027 should not be affected, since Jupiter contributes no revenue this year."

（Isla Binnie 報導，Jaspreet Singh 發自班加羅爾補充報導；Prakhar Srivastava 補充報導；Devika Syamnath、Anil D'Silva、Maju Samuel 編輯）(Reporting by Isla Binnie and reporting by Jaspreet Singh in Bengaluru; additional reporting by Prakhar Srivastava; Editing by Devika Syamnath, Anil D'Silva and Maju Samuel)