Microsoft sheds $430bn in market value as AI spending spooks investors
Software group pulls Nasdaq lower after reporting 66% year-on-year surge in data centre costs
Software group pulls Nasdaq lower after reporting 66% year-on-year surge in data centre costs

Executives face choice between cutting returns to shareholders, raiding reserves or tapping the markets

Revenue rises 17% to a record $81bn, but 66% surge in capital expenditures revives debate about returns on vast AI costs

Stocks tumble despite strong earnings reports from most Silicon Valley heavyweights

Capital expenditure forecasts for 2026 were a third higher than Wall Street’s expectations

US chipmaker reports better than expected revenue and financial guidance

SoftBank-owned chip group forecasts strong growth in data centre business but shares slide amid wider tech rout