• Microsoft said it might make some infrastructure adjustments but still plans to spend over $80 billion on capital expenditures this fiscal year, which ends in June.

• Analysts at TD Cowen circulated a note on Friday suggesting that the company has canceled data center leases.

Microsoft said Monday that it’s sticking to its plan to allocate more than $80 billion of its cash to capital expenditures, following an analyst’s note on Friday claiming the company has canceled data center leases.

However, Microsoft acknowledged that it “may strategically pace or adjust our infrastructure in some areas.”

Microsoft shares fell 1.9% on Friday and the Dow Jones Industrial Average suffered its sharpest sell-off of the year. Analysts at TD Cowen circulated a report, citing “channel checks,” indicating that Microsoft had canceled leases with “at least two private data center operators.”

In early January, Microsoft announced it was aiming to spend more than $80 billion this fiscal year on data centers that were capable of handling artificial intelligence workloads. Microsoft’s fiscal year ends in June.

“Our plans to spend over $80B on infrastructure this FY remains on track as we continue to grow at a record pace to meet customer demand,” a Microsoft spokesperson said in an emailed statement Monday.

The TD Cowen analysts did not immediately respond to a request for comment.

Microsoft’s stock fell 1% in Monday’s trading session. Shares of data center company Digital Realty Trust were down 3.4%, while Vistra, which supplies power to data centers, slid 5%. Data center operator Applied Digital dropped 15%.

In addition to building data centers for its own use and for clients to tap through the Azure public cloud, Microsoft leases data center capacity through CoreWeave and other providers. The company is also a major backer of OpenAI, which is part of the $500 billion Stargate data center initiative, along with Oracle and SoftBank, announced last month.

“Thanks to the significant investments we have made up to this point, we are well positioned to meet our current and increasing customer demand,” Microsoft’s spokesperson wrote. “Last year alone, we added more capacity than any prior year in history. While we may strategically pace or adjust our infrastructure in some areas, we will continue to grow strongly in all regions. This allows us to invest and allocate resources to growth areas for our future.”