Shares of CoreWeave and Nebius fell nearly 5% after Microsoft reported quarterly capital expenditures and finance leases of $45.2 billion, compared with the $50.7 billion expected by analysts. The figure, up about 30% from a year earlier, points to infrastructure partners taking longer to deliver data center capacity as Microsoft accelerates its artificial intelligence investments. Microsoft, which signed a nearly $20 billion deal with Nebius at the end of 2024 and is a major CoreWeave customer, said Azure revenue rose 48% year over year. IREN dropped about 3%, while Alphabet also reported capital expenditures below estimates, totaling $51.36 billion against $55.09 billion expected.
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