CoreWeave and other neocloud stocks fall after Microsoft capex misses estimates

Microsoft reported $45.2 billion in quarterly capex and finance leases, below the $50.7 billion analyst estimate. CoreWeave and Nebius fell almost 5% and IREN about 3% as investors worry infrastructure partners will take longer to deliver data center capacity.

• Microsoft capex hit $45.2B versus $50.7B expected
• CoreWeave and Nebius slid nearly 5%, IREN fell about 3%
• Azure revenue grew 48% year over year
• Alphabet capex was $51.36B against $55.09B expected