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.

Microsoft Corp. has canceled some leases for US data center capacity, according to TD Cowen, raising broader concerns over whether it’s securing more AI computing capacity than it needs in the long term.

An analyst note flagging a possible slowdown by Microsoft in leasing data center capacity grabbed the market's attention on Monday, lending credence to skepticism among investors worried that the AI-led stock-market boom might be running out of steam.