Morgan Stanley analysts estimated this month that Microsoft will account for nearly 35% of spending in 2025 on Blackwell, Nvidia's latest AI chip. Google is at 32.2%, Oracle at 7.4% and Amazon at 6.2%.
This is why any sign that Microsoft or its rivals might pull back spending plans can shake Nvidia stock.
Last week, TD Cowen analysts said that they'd learned that Microsoft had canceled leases with private data center operators, slowed its process of negotiating to enter into new leases and adjusted plans to spend on international data centers in favor of U.S. facilities.