Oracle's force majeure invocation is a strategic advantage that delays capital expenditure and proves contract strength.

Today we're talking about Oracle, that's our area of expertise, Cory. Let's talk again about Oracle, which made headlines and cited force majeure to protect itself from its data center.

What did you think of this when you first saw it?

Because there are many aspects worth discussing, I would like to ask you about everything related to Oracle. You can take everything I say with caution. Someone at Oracle said, "Why do you always say this before you talk about us?"

But I want you to know that I am biased. Okay, I'll give you my honest opinion, but you need to understand my bias. I was worried. Now I see this and I wonder: "Force majeure?"

I hope there isn't a hurricane in Texas. In fact, no one knows. This is generally the purpose of this clause, which is to deal with events beyond the company's control, i.e., major events that trigger force majeure.

I want to understand what this clause means, but I want to think about it in the context of Oracle.

In the context of building data centers, Oracle hired financial experts to take on the debts and to be the official owners before handing over the keys to Oracle, since it is Oracle that develops the facility.

Oracle does not see any revenue until the facility is operational, and they have convinced Wall Street, and convinced me personally, that this is a good thing. They only have to show expenses and revenues when they are realized at the same time in many of their deals, including the Jupiter project in New Mexico, which is a huge project.

So, you are worried about that. Will Oracle complete this project? Will it be completed on time? Today is the first indication from Oracle that we see that it may not be completed in the time they want.

This now means that the problem lies with them, not with Oracle, if the contract is executed. Oracle has a lot of financial experts, perhaps the best in the software field, and possibly the best in the entire technology field.

Yes. Oracle contracts are legendary in Silicon Valley. It is extremely strong and very carefully crafted. So, as an investor, you will be betting today. You have a chance to bet this morning.

Would you bet that Oracle's contract is better for them than Blue All's contract? Good. Because Blue All are the financial specialists, but Oracle has its own financial specialists.

The history of Silicon Valley shows that if you bet on Oracle's financial experts, you will win. Perhaps this is the case here. This is a bet I definitely accepted. But historically in Silicon Valley, if you bet on the strength of Oracle's contract, it's usually a winning bet.

Yes, I think the entire industry will be looking into this, specifically Oracle contracts, to see if their contracts are as strong as Oracle's.

Well, it's not just Oracle in this case, is it? There will be problems. There will be things... “If you don’t encounter obstacles, you won’t have problems along the way,” said Clay McGuirek, one of Oracle’s executives, on the recent conference call.

“But if you don’t encounter problems while developing a data center, you’re not putting in enough effort.” Good. If you are not putting in enough effort to the point where you will encounter problems, then you are not putting in your best effort.

You won't get the best revenue, and you won't get involved in the biggest businesses you can do. Therefore, it is natural that there would be delays in the construction of the largest projects ever built in American history.

I think this is actually a big advantage for Oracle, as it will allow them to postpone some problems, especially if the energy problems in New Mexico worsen, so that they are not catastrophic.

If we look at 2029 and not 2028, this means that Oracle will be able to spread its capital spending over a longer period.

It's also good news for Anthropic, or OpenAI, because OpenAI is the only company that will pay Oracle for the data center. correct. If OpenAI is later forced to pay Oracle for the data center, it could improve its cash position.

What Oracle did today, and what we discovered and what Bloomberg reported about Oracle, is that it said: "If we face a force majeure, we are informing you now that we will not bear the burden.

You will bear it." For me, this shows Oracle's superiority over finance experts once again.