Gil Luria, head of tech research at D.A. Davidson, joins 'Money Movers' to discuss the latest news on Oracle, including reports that some of its OpenAI data centers are now expected in 2028 rather than 2027.

The release of Open AI's ChatGPT has accelerated the development of artificial intelligence and warnings about its impact on society.

Rise of AI

Delays have been reported in some Oracle data centers that support OpenAI, with industry analysts pointing to capital constraints as a key factor. Gil Laurie of D.A. Davidson discussed how both OpenAI and its infrastructure partners, including Oracle and CoreWeave, may be struggling to secure the necessary funds to expand their compute capacity.

While major cloud providers such as Microsoft, Amazon, and Google reportedly have sufficient resources to continue building out AI data centers, smaller or newer entrants like OpenAI and CoreWeave face greater uncertainty. Oracle, in particular, is noted to be near its borrowing limit, making future capital raising efforts more challenging.

Delays in some Oracle data centers for OpenAI

Joining us this morning to discuss is Gil Laurie of D.A. Davidson. Gil, thanks for joining us on the fly. Still looking for some refutation of the report out of Bloomberg, but I wonder if you think one's coming. It's very possible. I mean, if we're to connect the dots here, let's not forget, CoreWeave told us their data centers were delayed. They blamed it on weather and CoreScientific, but what's likely, if you connect that to these reports, we're going to start wondering whether OpenAI has the capital to pay for this compute capacity that they've booked. Does CoreWeave have the capital to deploy it? And does Oracle have the capital to deploy it? Because everybody needs the resources around HVAC, electricians, warm shells, but it seems like the hyperscalers are getting it done, and it's OpenAI and the neoclouds that are having a problem. Right. And once again, we're back to talking about, aside from the equity price action, the credit markets. We've been looking at charts of the Oracle CDS for several months now, and I assume the degree to which they have to return to market in 26 is going to be key. That's right. And Oracle is almost at their limit in terms of how much they can borrow. They're at the bottom rungs of investment grade. They are very limited in how much they can borrow and the terms that they can borrow it to live up to what they just promised, which is to remain investment grade. So they're going to have a hard time getting capital. Evidently, OpenAI is having a hard time getting capital. And I would especially worry about a company like CoreWeave being able to get the capital. We're going to go back to the basics here, which is Microsoft, Amazon, and Google have the cash and cash flow to build out data centers, which we all need to deliver AI. The marginal players, it's a much bigger question right now.

For the first time, Amnesty International has accused Hamas and its allies of committing crimes against humanity, following an investigation into the 7 October 2023 attacks on Israel. The organization found that 1,221 people were killed and said the mass killing of civilians amounted to extermination.

Jerusalem

Middle East Conflict

Amnesty accuses Hamas of 'crimes against humanity' for Oct. 7 attack

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Time magazine names 'Architects of AI' as person of the year for 2025

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Council of the City of Sydney

Reddit sues to overturn Australian social media ban

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Washington

Trump says Venezuela land operations could begin 'pretty soon'

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Trump ramps up pressure on Maduro with new sanctions

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Moscow

Ukraine Invasion

EU triggers emergency clause to indefinitely immobilise Russian assets

Nobel Peace Prize laureate and Venezuelan opposition leader Maria Corina Machado said she planned to take her award back to Venezuela, but declined to say when she would return to her home country after leaving in great secrecy to receive the honor.

Caracas

Nobel peace laureate Machado vows to take award home to Venezuela

Japanese authorities are assessing damage after a 7.5 magnitude earthquake struck northern Japan, followed by multiple aftershocks. In response, officials have issued a warning about the possibility of a megaquake, defined as a magnitude 8.0 or higher event.

Tokyo

Japan alerts citizens about possible megaquake

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Judge orders Kilmar Abrego Garcia's immediate release from ICE custody

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Samraong

Half a million flee as Thailand-Cambodia border clashes escalate

The U.S. has seized an oil tanker off the coast of Venezuela, President Donald Trump said on Wednesday, ratcheting up tensions with Caracas.

Trump confirms seizing of Venezuelan oil tanker

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U.S. House votes to lift Caesar Act sanctions on Syria

Myanmar's military bombs a hospital in western Rakhine state, at least 31 people are killed and dozens injured.

Rakhine

Air strike in Myanmar killed at least 31 people, dozens injured

The U.S. military seized a large oil tanker off the coast of Venezuela. Attorney General Pam Bondi said the ship had been used to violate sanctions on oil from Venezuela and Iran.

U.S. seizes oil tanker off Venezuela coast

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Oslo

Venezuela's Machado awarded Nobel Peace Prize in absentia

President Volodymyr Zelenskyy is commenting on potential elections in Ukraine under certain conditions. Former U.S. ambassador to Ukraine John Herbst joins CBS News with more on the war against Russia.

Kyiv

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Bangkok

Border dispute between Thailand and Cambodia flares up again

U.S. immigration agents used pepper spray against protesters in Minneapolis on Tuesday as residents blocked the officers’ vehicles and forced them to leave the area.

Minneapolis

Minneapolis protests erupt over ICE operation targeting Somalis

In Australia, millions of kids' social media profiles are going dark, as the country's new social media ban takes effect for anyone under 16. Jo Ling Kent reports.

Canberra

Australia's social media ban takes effect for kids under 16

President Trump, in recent months, has dismissed concerns about affordability, but this evening, in the battleground state of Pennsylvania, he is focusing on the crisis and touting his administration's efforts to lower the cost of living. Nancy Cordes has more.

Pennsylvania

Trump tries to flip the script on affordability

Dozens of protesters blocked a highway near Tel Aviv to demonstrate against moves by the Israeli government to force some ultra-Orthodox Jews into mandatory military service, something they are currently exempt from so they can study the Torah full time.

Tel Aviv-Yafo

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President Trump has told Politico that Nicolas Maduro's "days are numbered" in Venezuela. Political strategists Kevin Sheridan and Hyma Moore join with analysis.

Trump says Maduro’s “days are numbered”

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Ukraine President Volodymyr Zelenskyy met Pope Leo XIV and Italian Premier Giorgia Meloni in Rome on Tuesday (December 9), meanwhile voicing his refusal to surrender territory to Moscow despite pressure from Washington for territorial concessions.

Rome

Zelenskyy seeks backing from Pope Leo XIV, Italian PM Meloni

A federal judge said Tuesday (December 9) that the Department of Justice can unseal the Ghislaine Maxwell sex trafficking case records. CBS News' Scott MacFarlane has more details.

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Manhattan

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Brussels

EU Commission opens probe into Google over AI

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London

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The International Criminal Court Tuesday handed down a sentence of 20 years to a Sudanese militia leader for war crimes and crimes against humanity committed during the country's civil war two decades ago.

Delays in some Oracle data centers for OpenAI

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Rise of AI