A sharp selloff in tech stocks on Thursday underscored investors’ exhaustion with the “spend now, profit later” model that has propelled the AI bull market for three years. Microsoft led the retreat, with its shares plummeting 12% by noon, erasing more than $440 billion in market value, a collapse it hasn’t seen since the pandemic. Microsoft revealed that its spending surged 66% to $37.5 billion in the latest quarter, even as growth in its Azure cloud business cooled slightly. Meta has evaded the selloff on a stronger-than-expected revenue forecast, showing a healthy 24% year-over-year revenue increase, driven by online ads. On Wednesday evening, The Information reported that OpenAI is seeking a fresh $60 billion in funding from heavyweights like Nvidia and Amazon.