Microsoft adjusts capex outlook due to accounting change, not a spending slowdown

Microsoft adjusts capex outlook due to accounting change, not a spending slowdown

Microsoft cut $15B from 2026 capex forecast—$190B to $175B—through accounting reclassification of data center leases, not an actual spending reduction. $41B Q4 capex (+70% YoY) and $329.1B in lease commitments jumped, proving Microsoft's AI and Azure infrastructure spending remains on track.