Oracle reportedly scraps $7 billion Tencent chip deal

Oracle has canceled a reported $7 billion, five-year chip-leasing agreement with Tencent after U.S. officials raised concerns with the company, according to reports citing the Financial Times. The deal would have given Tencent access to about 100,000 advanced AI chips at Oracle data centers in Southeast Asia, chips restricted from sale in China. Tencent also reportedly faced pressure from Chinese officials to support domestic chipmakers. The cancellation comes amid ongoing U.S. scrutiny of Chinese access to advanced AI chips.