An analyst note flagging a possible slowdown by Microsoft in leasing for data center capacity grabbed the market's attention on Monday, lending credence to skepticism among investors worried that the AI-led stock-market boom might be overdone.

Skepticism has been growing among investors over the billions of dollars U.S. tech firms have been channeling into AI infrastructure due to slow payoffs and breakthroughs at Chinese startup DeepSeek,

TD Cowen analysts first reported in a research note Friday that Microsoft had cancelled leases with “at least two data private center operators” in the U.S., amounting to a fe