[DEVELOPING] Microsoft trims 2026 capex to $170B on GPU delays; S&P moves Meta outlook to negative on capex and cash flow
CNBC reported that Microsoft cut its full-year capex outlook to $170B from $175B, citing late deliveries from third-party GPU suppliers that push some capacity into 1H27. Alphabet held its guidance at $195B-$205B. Both came in below analyst capex estimates, and CoreWeave, Nebius, IREN and Oracle fell after the reports. Separately, S&P kept Meta at AA- but moved its outlook to negative, citing high capex, the first negative quarterly free cash flow and uncertainty about AI monetization; Meta said it disagrees. What to watch: neocloud delivery timelines, and how ratings agencies treat hyperscaler funding plans.