Oracle hit hard in Wall Street’s tech sell-off over its huge AI bet

Company falls more than rivals over its borrowing and reliance on OpenAI contracts.

Oracle has been hit harder than Big Tech rivals in the recent sell-off of tech stocks and bonds, as its vast borrowing to fund a pivot to artificial intelligence unnerved Wall Street.

The US software group founded by Larry Ellison has made a dramatic entrance to the AI race, committing to spend hundreds of billions of dollars in the next few years on chips and data centers—largely as part of deals to supply computing capacity to OpenAI, the maker of ChatGPT.

The speed and scale of its moves have unsettled some investors at a time when markets are keenly focused on the spending of so-called hyperscalers—big tech companies building vast data centers.

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Oracle hit hard in Wall Street’s tech sell-off over its huge AI bet

Company falls more than rivals over its borrowing and reliance on OpenAI contracts.

Oracle has been hit harder than Big Tech rivals in the recent sell-off of tech stocks and bonds, as its vast borrowing to fund a pivot to artificial intelligence unnerved Wall Street.

The US software group founded by Larry Ellison has made a dramatic entrance to the AI race, committing to spend hundreds of billions of dollars in the next few years on chips and data centers—largely as part of deals to supply computing capacity to OpenAI, the maker of ChatGPT.

The speed and scale of its moves have unsettled some investors at a time when markets are keenly focused on the spending of so-called hyperscalers—big tech companies building vast data centers.

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Cities: Skylines upheaval: Developer and publisher announce “mutual” breakup

Paradox subsidiary Iceflake Studios will take over work on the storied city simulation.

For well over a decade now, the Cities franchise has done its best to pick up the urban simulation ball that EA’s SimCity famously dropped. Going forward, though, that ball will be handed off from longtime developer Colossal Order to Finnish studio Iceflake (a subsidiary of Cities publisher Paradox Interactive).

The surprise announcement Monday morning on Paradox’s official forums says that Cities‘ developer and publisher “mutually decided to pursue independent paths” without going into many details as to why. “The decision was made thoughtfully and in the interest of both teams—ensuring the strongest possible future for the Cities: Skylines franchise,” the announcement says.

“Both companies are excited for what the future holds while remaining deeply appreciative of our shared history and grateful to the Cities’ community,” the statement continues. Colossal Order “will work on new projects and explore new creative opportunities,” Paradox wrote in an accompanying FAQ.

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