Microsoft on Wednesday forecast disappointing growth in its cloud computing business, sending its shares down 4.5% in after-hours trading as investors worry about big spending, elusive artificial intelligence revenue and competition from cheaper AI models from China.

Microsoft MSFT.O dropped 4.7% after forecasting disappointing growth in its cloud computing business. Meta Platforms META.O rose 4.5% after beating estimates for fourth-quarter revenue, but forecast that first-quarter sales might miss estimates.

Stocks are ticking higher on Wall Street following a rush of profit reports from some of the country’s most influential companies. The S&P 500 rose 0.3% in early Thursday trading. The Dow Jones Industrial Average slipped 14 points,

In an apparent response to the attention on a new AI model out of China, Microsoft CEO Satya Nadella posted online

"Investing 'very heavily' in capital expenditure and infrastructure is going to be a strategic advantage over time," Mark Zuckerberg said.

Microsoft said its cloud-computing business will continue to grow slowly in the current quarter as the company struggles to build enough data centers to handle demand for its artificial intelligence products.

Microsoft reported that its flagship cloud computing business experienced a slowdown in growth amid constraints on data center supply.