Microsoft is expected to report its slowest quarterly revenue growth in a year on Wednesday, while investors await signs of AI demand amid growing worries about the slow payoff from hefty investments in the technology. The software giant is widely seen as the front-runner in the race to capitalize on generative AI, in part thanks to its investment in ChatGPT-owner OpenAI. There’s “a wall of worry” around Microsoft’s earnings, Morgan Stanley analysts said, pointing to “ramping capital expenditures, margin compression, lack of evidence on AI returns, and messiness post a financial resegmentation.”