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.

TD Cowen noticed Microsoft doing something strange on Friday. The Open AI partner and tech giant appeared to be cancelling data center leases. According to the market analysts, this is part of a wider pattern. TD Cowen said Microsoft had an “oversupply” problem. It’s another datapoint that points to Big Tech’s nervousness around its big bet on AI.

A research note written by TD Cowen analysts says Microsoft has cancelled leases in the U.S. with at least two private data-center operators totaling a couple hundreds of megawatts and also is not converting so-called statements of qualifications into leases.