CNBC's Seema Mody reports on news regarding Oracle, which is refuting the Bloomberg report that it is delaying some of the data centers it is developing for OpenAI.

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

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Oracle has issued a statement denying reports that it is delaying the development of data centers for OpenAI. The company emphasized that all contractual commitments and milestones are being met and that it remains fully aligned with OpenAI, referencing their $300 billion deal.

The clarification follows earlier reports suggesting delays, which Oracle called inaccurate. Following the company's statement, Oracle's stock recovered from session lows but remained down by about 2.8 percent, with related credit default swaps also declining.

Oracle says 'no delays' in OpenAI arrangement after stock slide

Seema Modi joining us with a statement from the company. Seema Kelly, we're just talking about the story. Oracle spokesperson is refuting the Bloomberg story that Oracle is delaying some of the data centers it is developing for open AI. The spokesperson telling CNBC there have been no delays to any sites required to meet our contractual commitments and on and all milestones remain on track. We remain fully aligned with open AI and confident in our ability to execute against both our contractual commitments and future expansion plans. This is in regards to Oracle's 300 billion dollar deal with open AI. There was that story earlier today that the company was delaying some of the standing up of data centers for open AI. Again Oracle coming out and saying that is wrong and that they remain fully aligned with open AI. You are seeing the stock move here real time in response to this commentary from Oracle stock now off the lows of the session and down about 2.8 percent. We're going to stay on this story here. I would also bring up Oracle's credit default swaps that have been in a way loosely correlated to the performance of the stock. Kelly you'll see that come down as well.

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Jerusalem

Middle East Conflict

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

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Council of the City of Sydney

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Moscow

Ukraine Invasion

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Caracas

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Tokyo

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Rakhine

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Canberra

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Rome

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Oracle says 'no delays' in OpenAI arrangement after stock slide

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