Microsoft shares (MSFT) fell Thursday after the company’s revenue forecast came in below Wall Street estimates. And the cloud computing giant is struggling to meet demand.

Shares were down nearly 6% Thursday morning, weighing on the shares of some of its Big Tech peers. The crisis has reduced the stock’s year-to-date gain, which once reached 24%, to just 8%.

Microsoft forecast Wednesday that revenue at its Intelligent Cloud division would rise 18% to 20% in the current quarter, below analysts’ estimates. Growth at Azure, its cloud computing platform, is expected to be about 31% or 32%, a deceleration from the most recent quarter and slightly slower than Wall Street expected. These disappointing forecasts overshadowed the company’s first quarter financial results, which exceeded expectations.

Microsoft struggles to meet growing demand for AI, a challenge for executives hope to persist in the current quarter. During the company’s earnings call, CFO Amy Hood expressed confidence that growth would accelerate in the first half of next year as more cloud computing capabilities come online .

What Analysts Thought About Microsoft Profits

On Thursday, analysts were optimistic about the outlook. They highlighted comments from executives that demand for AI services remains strong and that the company’s increased spending on AI infrastructure should help it meet that demand in the future.

“While Azure’s Q2 outlook is disappointing, underlying trends such as strong transaction volume confirm that demand is not the problem,” BofA analysts wrote in a note Thursday to customers. They maintained their “Buy” rating on the stock and their price target of $510.

Jefferies analysts also reiterated their “Buy” rating and $550 price target. “We remain confident in MSFT as an AI winner,” the analysts wrote.

Microsoft weighs on big tech stocks

Microsoft’s results weighed on the shares of its technology competitors on Thursday. Amazon (AMZN) was down more than 2% Thursday morning, while AI chip giant Nvidia (NVDA) lost almost 4%. Oracle (ORCL), another AI-focused cloud computing provider, was down about 3%.

Meta (META) shares fell more than 2% after the company raised the lower end of his full year capital expenditure (CapEx) planned as accelerates spending on AI. Concerns about excessive spending on AI infrastructure weighed on large-cap tech stocks during the latest round of earnings reports in July.

Raising capital spending will likely remain a priority for Wall Street as Amazon report the results after the closing bell on Thursday.