Since the release of the ChatGPT chatbot in 2022, Microsoft has ploughed more and more money into building data centres in what one industry analyst called “the largest infrastructure build-out that humanity has ever seen.” But after 10 consecutive quarters of increased spending for artificial intelligence, the company has tapped on the brakes, according to financial results released Wednesday.
In the first three months of 2025, Microsoft spent $21.4 billion on capital expenses, down more than $1 billion from the previous quarter.
The company…
