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.

Microsoft’s lease cancellations were detailed on Friday in a note from TD Cowen analysts. According to Bloomberg, the investment bank believes that Microsoft has voided contracts for data centers with about 200 megawatts in combined capacity. One megawatt corresponds to the electricity usage of several hundred households.

The TD Cowen report led to Microsoft shares falling about 1%, while shares of energy suppliers to these data centers, like Constellation Energy and Vistra, fell 5.9% and 5.1%, respectively