Getty ImagesKey FactsShares of Microsoft plunged by 12% to around $423.50 as of 12:55 p.m EST, the largest intraday loss for the stock since March 16, 2020. The company reported $29.8 billion in capital expenditures for the quarter, well above the projected $23.4 billion. TangentMeta shares rallied more than 7% on Thursday, after the company reported annual quarterly revenue growth of 24% to $59.8 billion in its latest quarter. Microsoft has increased spending in recent months on data center capacity, though the company has reportedly struggled to meet demand. Last month, Reuters reported Microsoft had lowered internal expectations for AI product demand and lowered sales growth targets.