Investing.com -- Oracle Corp. shares slipped Wednesday after a new report warned that the software giant’s massive artificial-intelligence data-center project in Wisconsin faces severe delays due to a gridlocked power connection.

The stock fell 1.8% as the analysis by infrastructure data provider Aterio highlighted a growing reality for Wall Street: access to electricity, not capital or microchips, is now the primary bottleneck for tech companies racing to build AI infrastructure.

Oracle did not immediately respond to requests for comment on the newly released report.

Vantage Data Centers is currently building the 500-acre “Project Lighthouse” campus for Oracle in Port Washington, Wis. While physical construction is advancing rapidly—with permits secured and two of the site’s four buildings already enclosed—the facility is essentially stranded without a connection to the broader power network.

According to Aterio, the campus cannot start running computers until the local utility, American Transmission Co., builds a new high-voltage power line. That process has hit a regulatory wall. The state agency overseeing utilities, the Public Service Commission of Wisconsin, recently revoked an initial approval for the transmission project and restarted its legal review clock after the builders filed hundreds of changes to the project’s scope.

The reset puts Oracle at risk of missing its target to begin using the site in the second half of 2027. Under Aterio’s most likely scenario, meaningful power won’t reach the campus until early 2028. If state regulators take a full year to review the proposal—a timeline the research firm noted is standard for utility projects of this size—the site might not reach its full power capacity until April 2029.

The Wisconsin gridlock arrives just days after Oracle warned it might delay payments on "Project Jupiter," a separate massive campus in New Mexico, citing delayed gas pipelines and pending air permits. Although Oracle has maintained that the New Mexico site remains on schedule, back-to-back warnings on massive real estate projects signal growing execution risks to investors.

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