Microsoft on Wednesday forecast disappointing growth in its Azure cloud computing business, sending its shares down more than 5% as investors worry about big spending, elusive artificial intelligence revenue and growing competition from cheaper AI models from China.

Microsoft has tested Wall Street's patience by plunking down huge amounts of cash in pursuit of profits from AI that have yet to satisfy investors.

U.S. stocks slipped after the Federal Reserve held its main interest rate steady and broke a run of cuts that began in September

U.S. stocks ended lower but off their lows of the day on Wednesday as the Federal Reserve held interest rates steady as expected and Fed Chair Jerome Powell offered soothing comments on the economy.