Data Centre Equipment_Microsoft lease cancellation news – another ‘DeepSeek moment’_

We believe further clarification is needed by Microsoft on its capex and broader capacity intentions to form a strong view on the implications. At this stage, we see this as 1/ Microsoft-specific given already very high ambitions and given the recent newflow vis-a- vis OpenAI and Stargate and 2/ rather fine-tuning of timing and exact mix of capacity additions rather than change of stance from growth to stable or down development. We put the above in context of MSFT accounting for 4% of global Data Centre ca ...