A few months ago, a report like this would have sent (and did send) Microsoft stock soaring. But accompanying Microsoft’s record spending was slowing cloud growth. Revenue from Microsoft’s cloud services grew by 39% this quarter, down from 40% growth in the first quarter. But even if the slowing cloud growth can be explained away, what also got investors anxious was Microsoft’s reliance on AI giant OpenAI. Lately, the market has started questioning these overcommitments, as concerns over a potential AI bubble mount.