Microsoft signs multi-billion-dollar deal with AI infrastructure firm Nebius

But the real story really isn't the price tag, although big. It's what Microsoft chose not to build. Despite record capital spending, Microsoft decided to rent GPU capacity rather than expand its own data centers.Microsoft CFO Amy Hood told investors in July that the company expected to quote remain capacity constraint through year end, suggesting even their massive internal buildout just can't keep pace with AI demand. Microsoft had said these rental deals are their least favorite option in the past. They' ...