Microsoft’s stock experienced a decline today, likely influenced by a combination of regulatory concerns and the short-term financial implications of its aggressive artificial intelligence investments.

The U.S. Federal Trade Commission has broadened its investigation into Microsoft’s business practices, focusing on cloud services, AI, and software bundling. This scrutiny includes examining licensing arrangements and whether the company’s practices hinder competition or customer switching, raising potential antitrust risks.

Adding to investor caution are the substantial capital expenditures planned by Microsoft. The company expects to invest approximately $190 billion in calendar year 2026, primarily to build out data centers, GPUs, and…