Microsoft's job cuts didn't ease investors' concerns about the tech giant's spending on AI, AJ Bell's Danni Hewson writes in a note. Microsoft is set to cut more than 3,000 jobs in its Xbox videogames division as part of a turnaround plan for the struggling business. "Markets are waiting to see solid financial evidence that all that capex is paying off and that the faith in AI as a growth supercharger has been warranted." Microsoft's share price fall reflects either investors' concerns about AI spending or the possibility that the job cuts have already been priced into the stock, she adds. Shares are down 1.5% at $384.74. (najat.kantouar@wsj.com)