Stifel reiterated its Buy rating on Oracle, citing recent progress on the company’s Project Jupiter data center in New Mexico. According to Sina Finance, Oracle Cloud Infrastructure Vice President Mahesh Thiagarajan said Project Jupiter was 26% complete as of last weekend, up 17 percentage points from the level disclosed in July.

The project still faces several bottlenecks, including fuel-cell microgrid construction that is only about 10% complete, as well as pending air-quality and water-resource permits and unresolved natural gas pipeline authorization. New Mexico’s Supreme Court recently issued two rulings that removed some legal obstacles, rejecting New Energy Economy’s request to cancel an air-quality permit hearing and dismissing Center for Biological Diversity’s challenge to an emergency water-use permit for the project.

According to Sina Finance, the air-quality permit hearing can now move forward, and the developer can resume pumping water from a well in Santa Teresa after the withdrawal had been suspended for more than three weeks. Stifel said the hearing still has no assigned reviewer or date, but the two major legal uncertainties have eased.

Project Jupiter is part of Oracle’s broader expansion in AI and cloud infrastructure. The company’s latest quarterly cloud infrastructure business continued to grow rapidly, with cloud infrastructure revenue rising about 120% year over year on a constant-currency basis.