Shares of CoreWeave, Nebius and IREN fell as Microsoft's lower-than-expected capex figure points to infrastructure partners taking longer to deliver capacity. Microsoft and Alphabet reported last quarter capital expenditures that fell short of analyst targets. ・“Some third-party capacity deliveries we expected in Q1 were delayed,” Microsoft CFO Amy. Shares of CoreWeave and other neoclouds fell after Microsoft's capital expenditures missed analyst expectations, signaling potential delays in data center capacity delivery.