Microsoft (MSFT) still plans to allocate more than $80 billion of its cash to capital expenditures in the current fiscal year ending in June, despite an analyst report to the contrary, CNBC reported Monday citing the company.

The tech giant said in January it would invest approximately $80 billion to build artificial intelligence enabled data centers. However, TD Cowen analysts sent a note to clients which said the company canceled leases for data centers in the US.

A Microsoft spokesperson said the company's plan to invest more than $80 billion on infrastructure this year "remains on track," CNBC reported.

Microsoft did not immediately respond to a request for comment from MT Newswires.

MSFT shares were 0.3% lower in recent Tuesday premarket activity.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)s