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

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.

TD Cowen noticed Microsoft doing something strange on Friday. The Open AI partner and tech giant appeared to be cancelling data center leases. According to the market analysts, this is part of a wider pattern. TD Cowen said Microsoft had an “oversupply” problem. It’s another datapoint that points to Big Tech’s nervousness around its big bet on AI.