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.

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.