A memo from TikTok’s top executive reportedly says that the social-media phenomenon inked deals to create a U.S. joint venture, with Oracle’s cloud business as its backbone.

Oracle Corp. said final negotiations on an equity deal for a data center project in Michigan are “on schedule” and doesn’t include Blue Owl Capital, a firm that has helped finance massive data center projects for firms including Oracle and Meta Platforms Inc.

CoreWeave and Oracle have borrowed heavily to build more AI data-center capacity, spooking bond markets and sending debt-insurance prices soaring.

Blue Owl Capital's decision to step away from financing an Oracle-backed (NYSE: ORCL) AI data center has become a fresh flashpoint for investors already on edge about the financial architecture behind the AI infrastructure boom.

Investors were so fired up about Oracle's AI guidance that they sent shares soaring as much as 43% that day. The company was briefly more valuable than JPMorgan. Larry Ellison overtook Elon Musk as the world's richest person — for a couple of hours at least.

For a reading of Wall Street's shifting mood on the artificial intelligence investment boom, take a look at the daily fluctuations of Oracle stock, analysts say. Analysts bullish on the stock have emphasized its huge growth potential with the AI boom.

The markets are growing concerned with the IT company's ability to finance data center build-outs and its partnership with OpenAI.