Oracle’s shares closed nearly 9 percent lower on Thursday, after it reported stronger-than-expected revenue, but flat revenue guidance, and said it would raise more money to fund an expected $70 billion (£52bn) in capital expenditures in the coming year.

The firm’s projected capital expenditures were up 25 percent on the $55.7bn for the fiscal year ended 31 May, which was broadly in line with analysts’ expectations.

Oracle said it expects to raise $40bn in debt and equity to fund its ongoing spending plans, as it aims to become a major data centre provider for AI companies such as OpenAI.

The company said its sales for the next fiscal year would be about $90bn, the same as it predicted in March.

Oracle brought in $19.18bn of revenue in its fiscal fourth quarter, above the $19.1bn expected by LSEG analysts, and a 21 percent year-over-year increase.

Full-year revenues of $67.4bn also surpassed expectations.

Oracle has raised billions in debt to help finance its construction of AI data centres and purchases of AI chips, including $25bn it raised in February.

This has raised the concerns of investors over its ability to repay the loans, as the data centre projects rely on only a few customers, including OpenAI.

The company has also faced local opposition in some jurisdictions where it is building data centres, amid a broader pushback over energy costs and other environmental effects.

The company has cut thousands of jobs to help it fund its capital projects, saying it would use AI to reduce the need for staff.