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In brief: It's a rare sight these days to see a tech giant admit it spent less money on capital expenditures than expected. But the $6.5 billion less that Microsoft spent than Wall Street forecast wasn't a sudden outbreak of unexpected restraint. It was delayed data centers that pushed some of its spending back.

Microsoft spent $45.2 billion on capital expenditures, including finance leases, in the September quarter, compared with the $51.7 billion expected by analysts cited by the Financial Times .…