Oracle invoked force majeure, and Meta pitched Muse as the phone's replacement

Oracle sent a force majeure notice to a Blue Owl unit, the developer of Project Jupiter, the 2.45-gigawatt Stargate campus in New Mexico, according to Bloomberg. The gas pipeline meant to feed the site has slipped nearly six months to February 2027 after regulators repeatedly denied permits, and an air-quality permit for its fuel cells is still waiting on a decision due by November 23. The notice doesn't take Oracle out as tenant. It lets Oracle delay payments if the site misses its 2028 start. Oracle says Jupiter "remains on our planned schedule." The stock fell 3.46% to $139.52, now about 16% below the $165.90 it touched the day after it reported.

At Connect, Meta put its Muse agent on a pocket-watch-sized device, Muse Charm, with a 2-inch screen and its own 5G connection. You tap it and talk to Muse instead of opening apps on a phone. Muse is also coming to Meta's glasses, can now run desktop apps on a Mac, and gets its own email address. Shopify, Stripe, Walmart, Best Buy, Expedia and Instacart are among the retailers signed up for it to buy from. Zuckerberg said Meta has "shifted our focus to building the best devices for personal superintelligence." Meta rose 4.51% to $777.59, up about 24% since Muse launched on September 8, per Reuters.

The ten-year rose another 7bp to 5.18%, extending yesterday's jump, and the thirty-year 7bp to 5.47%, a level CNBC puts as the highest since 2004. The two-year rose only 2bp to 4.87%. Jobless claims fell to 197,000, against 201,000 expected and near 57-year lows. A $44bn seven-year auction cleared at 5.085%, with bids of 2.42 times the amount on offer against 2.50 last month. WTI settled near $94.7, up 2.4%.

Two days after its maintenance data, Viking raised $500 million: 7.86 million shares at $35, and $225 million of 2% convertible notes due 2032, both upsized from $200 million each. The share price was 16% below Wednesday's close. The stock fell 11.66% to $36.75, still well above the $30.11 it closed at before the data.

The S&P finished down 0.06% and the Nasdaq 100 up 0.03%, with the VIX up 2% to 15.48. Underneath, Arm fell 7.88%, handing back about half of Monday's gain, while Intel rose 3.91% and AMD 2.33%.