Questions over multibillion-dollar spending on AI are mounting, spurred by DeepSeek’s shock to US stock market

Microsoft will report its second-quarter earnings for fiscal year 2025 Wednesday as questions over multibillion-dollar spending on AI continue to mount, spurred by DeepSeek’s shock to the US stock market just days ago.

Wall Street expects $3.11 in earnings per share and revenue of $68.9bn, compared with $2.93 a share and revenue of $62bn for the same period a year earlier.