Anyone “spying” on my browsing history would need to be put on suicide watch. Boring would be an understatement.
They will track your financial activities [ not just bank records ] plus ** your contacts and relationships if you use a Microsoft service to manage contacts, or to communicate or interact with other people or organizations.
When Microsoft says, “Your privacy is important to us,” it means the company wants to take your privacy from you and use your personal information for its own purposes **