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In Abilene, Texas, AI data center growth is deepening an already tight housing market. Morgan Taylor Sun, August 16, 2026 at 12:05 AM PDT * Abilene, Texas, saw the arrival of the Stargate Project, a major AI data center expansion promising thousands of jobs and increased tax revenue, but residents are feeling the impact through rising housing costs and other challenges. Abilene, Texas, was pitched as a winner in one of the world's largest AI data center expansions, with leaders touting thousands of jobs, more tax money, and a broader economic boost. Many residents say the clearest change has been rising housing costs, along with a feeling that the project's gains have yet to reach them. What's happening? The Stargate Project broke ground outside Abilene in 2024, replacing ranchland near long-established homes with a vast data center campus. In a KUT News report published by Houston Public Media, the development - backed by companies including Oracle and OpenAI - was framed as a major opportunity for the region. At a White House press conference in January 2025, President Donald Trump introduced Stargate and said it was something people would "hear a lot about in the future." Oracle representatives told KUT News the project brought 9,000 construction jobs and is expected to create 1,000 permanent jobs, while the Abilene City Council approved an 85% tax abatement and Oracle said the city could still collect an estimated $30 million each year. People living near the site say the downsides have been hard to ignore. Lexi Smith, whose home is close to the construction, said increased traffic, damaged roads, and environmental worries have changed the area around her family's house. "We got taken, we got robbed," Smith said. Not every business in Abilene is seeing the same impact. Regan Vanderweele, an employee at Grain Theory brewery, said, "I've definitely seen a big intake of customers coming from out of town and because of the data center specifically." Others told the outlet they had noticed little benefit. Why does it matter? Among the concerns surfacing in Abilene, housing has become the biggest one. Diana Luna, a self-described "techie" running for Texas state representative, said the city was already short on housing before thousands of workers showed up. "If we're supposed to be in this economic boom, where is the money?" Luna said. Evidence of that strain is spreading across the city. In June, Abilene Christian University said more than 100 incoming students still lacked housing for the fall semester, and Zillow data cited in the report showed average rent in Abilene at nearly $2,600 a month - higher than Austin. Because they rely on large banks of servers and extensive cooling equipment, AI data centers place heavy demands on the power grid, and many also consume substantial amounts of water. AI can provide real benefits, including helping utilities better predict demand and bring on cleaner energy sources, but fast expansion can also stress local infrastructure, push up energy prices, deepen water-use concerns, and create new risks related to misuse, security, and uneven economic effects. For renters and vulnerable families, those pressures can show up quickly. Michael Prado, a case manager at Abilene Hope Haven, told KUT News he has seen more families seeking shelter after being priced out of housing. What's being done? Backers of the project say the long-term upside could still materialize. In a promotional video, Misty Mayo, CEO of the Development Corporation of Abilene, said, "New tax revenue funds new roads. New tax revenue makes a new grocery store interested in expanding into your community, because now they can make money." Some local institutions are making changes. Abilene Christian University said it plans to bring a former residence hall back into use - after it had once been slated for demolition - to house students affected by the rental shortage. People working on housing issues locally say the city also needs near-term solutions, including more attainable rentals, better preparation for large waves of incoming workers, and help for families facing eviction. Prado said it used to take just over a month to place someone in housing; it can take up to six months. Smith rejected the tradeoff outright: "There's no amount of money worth it. None." Prado said, "I hate that we're getting the calls, that people are getting evicted... I hate when single moms are calling." Get TCD's free newsletters for easy tips, smart advice, and a chance to earn $5,000 toward home upgrades. To see more stories like this one, change your Google preferences here.

Alphabet and Oracle rank third and fourth globally in cloud infrastructure with 14% and 4% market share respectively, according to Statista. Both companies are experiencing strong AI-driven growth. Alphabet's Gemini large language model integrates with Google Search, Android, and Chrome. The company launched Gemini 3.6 Flash and video generator Omni in Q2, driving an 82% year-over-year increase in Google Cloud revenue. Daily active users creating videos on Gemini rose 40% since Omni's May debut. However, Alphabet increased its 2026 capital expenditure guidance to $195 billion–$205 billion, up $15 billion from previous estimates. Management indicated spending could rise further next year to maintain AI competitiveness. The article does not provide comparable detail on Oracle's AI performance or financial outlook.

How Larry Ellison dropped from world's 2nd-richest to No. 8 in just 2 months. Aug 15, 2026, 10:12am EDT Aug 15, 2026, 10:13am EDT Topline. Larry Ellison slid to become the world's eighth-richest person on Friday, falling behind Nvidia's Jensen Huang after his net worth shed $6 billion, as a monthslong decline in Oracle shares has lowered the firm's chairman from his spot near the peak of the wealthiest billionaires. Key facts. Ellison, whose net worth is estimated at $192.6 billion as of market close Friday, now ranks No. 8 behind Jensen ($194.4 billion), marking a $104 billion decline for Ellison's fortune since he ranked the world's second-richest on June 2. Shares of Oracle plunged roughly 54% between hitting a high of just over $250 on June 1 to a low of $114.50 on July 28, though the stock rebounded slightly to $150.52 as of Friday. A decline followed Oracle telling investors it expected to raise $40 billion through debt and equity financing, with capital expenditures surging 162% to $55.7 billion and spending expected to top $95 billion by fiscal 2027. Jacob Bourne, an analyst at eMarketer, told Reuters there are broader concerns about how Oracle would fund its capital spending to match its revenue projections, and Bank of America analysts separately flagged in a note cautioning that more than 50% of Oracle's remaining performance obligation comes from OpenAI. Melius Research analysts wrote last month that Oracle's spending plans may not hold if OpenAI or Anthropic demands more computing capacity. S&P Global also downgraded Oracle's credit rating in July, arguing the firm's "rapidly expanding" AI infrastructure business could pay off, but may be too expensive and could weaken Oracle's financial position in the meantime. $443 billion. That's how much Oracle's market valuation has dropped since peaking at $877.1 billion in September, hitting $433.5 billion as of Friday. Larry Ellison, whose son David Ellison is the chief executive of Paramount Skydance, agreed to provide an "irrevocable personal guarantee" of $40.4 billion to finance Paramount's $110 deal for Warner Bros. Discovery in December. That deal has since been paused, however, after Paramount agreed to push back its acquisition to 2027 after a lawsuit filed by 12 states argued the transaction would result in "higher prices, lower quality and less content for film and television." David Ellison, in an op-ed for The New York Times earlier this month, argued broader scrutiny of Paramount's takeover is "not really about market share" and instead is centered on "whether I can be trusted as a steward of Warner's CNN." David Ellison said there has been "speculation about my politics, my loyalties, my intentions," and claimed to have "regularly" voted for candidates of both parties and hold some views "that would be called conservative and others that would be called liberal, just like most Americans." Larry Ellison backed President Donald Trump's 2024 reelection and has since established close ties to the Trump administration, appearing alongside Trump at the White House to announce a multibillion-dollar AI infrastructure project last year in which Oracle is a key participant. David Ellison reportedly hosted Trump and other Trump administration officials at a private dinner earlier this year as Paramount sought federal approval for its bid. Oracle, once viewed as a potential winner of the booming AI infrastructure buildout, has since raised concerns among investors who appear to view the firm as taking on too much financial risk to fund its projects. Wall Street has cautioned that mega-cap tech firms may be taking on too much spending to match growing demand for AI products, with firms like Amazon expecting to spend more than $200 billion. Oracle's backlog has exploded to $638 billion, but more than half is reportedly associated with OpenAI, and some analysts have cautioned that most of those funds may not be guaranteed. MidFirst Bank BRANDVOICE Paid Program MidFirst Bank's long-term operating philosophy has made it the largest privately owned bank in the nation and one of the strongest and best capitalized. Brand Contributor