Microsoft Corp. has canceled some leases for US data center capacity, according to TD Cowen, raising broader concerns over whether it’s securing more AI computing capacity than it needs in the long term.

Microsoft has reportedly cancelled contracts with multiple operators representing gigawatts equal to two data centers.

Despite a pledge made in January to spend $80 billion on AI data centers in FY 2025, a new report indicates Microsoft is already dropping some of its current data center leases.