[FLASH] Microsoft tightens oversight of neocloud projects; IREN says $4B+ ARR delayed by Microsoft change
Bloomberg reported, citing people familiar, that Microsoft is tightening oversight of Nebius, IREN and Nscale data-center projects. Per the report, it is stepping away from projects it sees as risky, debating new neocloud deals and declining an option to expand its Nscale Texas contract. Reuters reported closing drops of about 14% for Nebius, 17% for IREN and 10% for CoreWeave. Separately, in its results, IREN told CNBC that more than $4B of ARR expected in 2026 slipped to January at the earliest after a customer-requested network change; its co-CEO named Microsoft as that customer. Next: CoreWeave reports Tuesday and Nebius next Thursday, per CNBC.