Oracle lays off 21,000 to fund OpenAI deal; $7B power grid guarantee now blocks project

The Oracle story illustrates the extreme financial pressure facing technology companies in the AI infrastructure race. With Amazon, Microsoft, Alphabet, and Meta collectively expected to spend about $600 billion（約96兆円） on AI infrastructure during 2026, companies are making massive bets on the assumption that AI investments will eventually generate profits. Oracle took one of the largest single bets by signing a $300 billion（約48兆円） contract with OpenAI, but the capital requirements to build the required data centers created a severe cash squeeze that forced drastic workforce cuts.

The credit rating downgrade from BBB to BBB- appears to have triggered a cascade of financial consequences. Under Wisconsin's existing regulations for large electricity consumers, companies with ratings below A- must provide collateral to protect the public from absorbing infrastructure costs if the facility fails or closes. Oracle's downgrade activated this rule, resulting in a requirement for over $7 billion（約1.1兆円） in collateral plus ongoing maintenance costs exceeding $100 million（約160億円） annually. Oracle has challenged the requirement in court, arguing it will deter investment, but regulators have held firm on the principle that existing customers should not subsidize new data centers.

The tension between Oracle and Wisconsin is not isolated. At least 24 US states have already approved special rates, minimum conditions, exit penalties, and collateral requirements for heavy electricity consumers, suggesting that as companies continue to build power-intensive AI infrastructure, these regulatory and financial barriers may become increasingly common. The $7 billion（約1.1兆円） collateral demand places the $15 billion（約2.4兆円） project in genuine jeopardy and reveals a structural problem: the profitability of massive AI spending remains unproven, yet the financial and operational costs of pursuing it are already substantial and immediate.