Microsoft's (MSFT) $5 billion forecast cut puts IREN (IREN) and Nebius (NBIS) data center timelines in focus

Microsoft lowered its 2026 capital spending forecast by $5 billion due to capacity delays from outside providers. Research firm Aterio identified potential delays at data center projects in Texas tied to IREN and in New Jersey tied to Nebius Group, both of which have contracts with Microsoft that include termination rights for missed delivery dates. Microsoft expects some of the delayed spending to shift into 2027. Open article →