Microsoft is set to lose $76 billion in market value

Microsoft shares fell 2.4% on Tuesday as the tech giant’s cloud computing business slowed, while shares of Nvidia and other chipmakers rose after a positive quarterly report from Advanced Micro Devices Inc.

Microsoft is set to lose more than $76 billion in market value if the losses continue, according to Reuters.

“Microsoft has reported some slowdown in its core cloud business, but it has been spending a lot of money on capital expenditures, which is shifting money from Microsoft shareholders to Nvidia shareholders,” said Gil Luria, senior software analyst at D.A. Davidson.

Microsoft reported in a report after the end of the session that revenue from its intelligent cloud unit, home to the Azure cloud computing platform, rose 19% to $28.5 billion, but missed analysts’ expectations of $28.7 billion in profit.