Billions of dollars of debt are tied to artificial intelligence data center campuses that are becoming increasingly unpopular, and delays on one of those projects are sending shockwaves through the market.

Oracle sent a notice to development partner Stack Infrastructure — owned by asset management giant Blue Owl Capital — seeking to delay full rent payments on the 1,400-acre Project Jupiter in New Mexico due to setbacks in moving the project forward, Bloomberg first reported Thursday.

The notice is invoking force majeure, a contractual clause that could allow Oracle to push back its full rent payments for three years if the project's opening is delayed beyond its 2028 projection, and if the companies agree that it was due to a problem beyond their control.

The project already faces a one-year delay due to difficulties securing power for the site, Reuters reported Thursday. The Wall Street Journal reported that the development team had to pivot its power strategy due to local opposition over plans to use gas turbines and diesel generators.

Spokespeople for Oracle and Blue Owl downplayed the notice in statements to news outlets, saying it is a common practice and doesn't change the companies' long-term financial commitment to the project.

But the delays for this huge project have exacerbated concerns about whether the massive developments proposed to support Big Tech's artificial intelligence ambitions will all come to fruition. If they don't, billions of dollars in debt held by the country's largest financial institutions could be at risk.

"The financing side of the AI buildout is starting to ask much ​harder questions than the demand side," Sean McDevitt, a partner at management consulting firm Arthur D. Little, told Reuters. "The underlying demand still appears very strong, but investors and lenders are ​increasingly focused on how risk is allocated."

For Project Jupiter, Blue Owl contributed $3B in equity and obtained an $18B debt commitment from a consortium of banks. Pieces of that debt have traded at stressed levels of below 90 cents on the dollar, implying a paper loss of at least $1.8B for the seller, WSJ reported.

Oracle and Blue Owl both suffered stock market drops of more than 3% Thursday following the reports, as did Bloom Energy, which has agreed to power the campus with its fuel cells.

Oracle signed a lease for the 2.4-gigawatt campus as part of its nationwide push to develop computing capacity for OpenAI through the Stargate initiative — a high-profile plan first introduced at the White House with President Donald Trump in the first week of his second term.

This year, Oracle has faced growing concerns about the amount of debt tied to its data center development pipeline compared to other Big Tech companies and about its heavy exposure to OpenAI. The two companies in March canceled plans for an expansion of a Stargate project in Texas, and in April, OpenAI reportedly paused plans for a Stargate project in the UK and abandoned one in Norway.

More concerns about the debt tied to Big Tech data centers have also emerged following last week's pledges from top AI firms to slow down the pace of developing the technology. These calls for restraint have contributed to data center and power companies delaying initial public offerings.

This week, Goldman Sachs made headlines when it revealed it is underweight on Big Tech debt, though an executive said it does not indicate pessimism on the AI market.

Also this week, investor Michael Burry — famously depicted in The Big Short — published a warning about how much Big Tech is spending on its AI build-out. His Substack post predicted significant write-offs related to data center deals, and it specifically raised questions around Oracle's projections of future cloud revenue.