TradingKey – Oracle (ORCL)’s AI infrastructure expansion is facing a new test. As multiple large data center projects encounter power supply bottlenecks, the cloud computing revenue the company had hoped to quickly monetize may be forced to be delayed, while upfront financing costs and debt repayment pressures will not disappear as a result.

Morgan Stanley noted in its latest credit analysis that data center delays could slow the pace of Oracle’s revenue recognition and cash recovery, while concentrating part of its financing needs around 2028. If project timelines deviate significantly from original plans, the company may need to commit more capital in the short term to complete facility construction and equipment deployment, further…