AI and crypto stocks drop after Microsoft move
As tech giants reshuffle their AI infrastructure plans, Microsoft’s retreat from new data centres has left both AI and crypto sectors reeling.
Microsoft has scrapped plans for over 2GW of data centre leases in the US and Europe, signalling a strategic shift in its AI infrastructure support.
The move appears linked to scaled-back OpenAI workloads and concerns over market oversupply.
The decision has sent shockwaves through US tech markets, with shares of AI players like Nvidia and Dell taking hits. Bitcoin mining stocks also slumped by up to 12%, as hopes for sustained AI-driven demand dimmed.
While Microsoft steps back, Google and Meta are ramping up their own capacity, trying to fill the…
