An analyst note flagging a possible slowdown by Microsoft in leasing data center capacity grabbed the market's attention on Monday, lending credence to skepticism among investors worried that the AI-led stock-market boom might be running out of steam.

Microsoft has begun to scale back on data- center spending, according to an analysts’ note, but Wall Street is divided on whether this suggests a change to the company’s artificial-intelligence strategy.

Microsoft previously announced plans to develop three data center campuses in Licking County and invest $1 billion.