Crusoe has halted work on its Project Jade site in Wyoming, which has contributed to fears of a slowdown in the artificial intelligence sector and a broader sell-off in semiconductor stocks.
Justin Arnold from the Laramie County Planning Department confirmed that Google, the end user of the project, is engaging a different contractor to proceed with the site plan, while Tallgrass continues to build the power hub. Despite Crusoe's pause, Bank of America noted that the project remains on track for early 2028 service.
This construction halt coincided with a significant sell-off in tech stocks, particularly in the semiconductor sector, where investors sold $10.8 billion in shares last week, the largest outflow recorded by Bank of America since 2008. Analysts are seeking more clarity on the project's timeline and capacity commitments before reassessing its valuation.
Overall, while the pause has caused market jitters, the project itself is still advancing, reflecting ongoing investment in data center infrastructure