Sam Badawi(@Sam_Badawi):ING $ING is said to be the seller of a $500M portfolio of data center loans, including debt tied to Vantage and CyrusOne and a $25M slice backing a New Mexico Stargate site, with bids due Nov 19. Oracle $ORCL is the name to watch, with a $664B backlog up from $455B a year ago, but it spent $28B on capex last quarter against $19.3B of revenue, and OpenAI has reportedly paused one of its Stargate sites. Delays are already hitting the stocks, with IREN $IREN down about 9% after a report that problems at its Childress, Texas site led Microsoft $MSFT to push back planned capex, while Nebius $NBIS and CoreWeave $CRWV fell 11% and 7%. A huge backlog only matters if the sites get built and paid for on time, and lenders heading for the exit suggests some aren't willing to wait and find out.

2026.11.06 02:10

ING $ING is said to be the seller of a $500M portfolio of data center loans, including debt tied to Vantage and CyrusOne and a $25M slice backing a New Mexico Stargate site, with bids due Nov 19. Oracle $ORCL is the name to watch, with a $664B backlog up from $455B a year ago, but it spent $28B on capex last quarter against $19.3B of revenue, and OpenAI has reportedly paused one of its Stargate sites. Delays are already hitting the stocks, with IREN $IREN down about 9% after a report that problems at its Childress, Texas site led Microsoft $MSFT to push back planned capex, while Nebius $NBIS and CoreWeave $CRWV fell 11% and 7%. A huge backlog only matters if the sites get built and paid for on time, and lenders heading for the exit suggests some aren't willing to wait and find out.