From the Stanford site; "degradation" indeed:

Degradation (started 9:53 AM Nov 12, 2026)
Vendor is reporting a service issue that may prevent users from accessing their Office 365 E-mail via Outlook and/or webmail.

Outlook Email and Other Microsoft Services Experiencing Issues
Some users may be unable to access Microsoft Outlook email and calendar through the Outlook desktop client, webmail, and webcal. Other Microsoft services may also be affected.

The vendor is reporting a service issue that may affect access to Microsoft services. University IT (UIT) engineers are monitoring the situation and will provide updates as more information becomes available.

Potentially impacted services include:

• Exchange Online
• Microsoft Teams
• SharePoint Online
• Microsoft 365 Copilot
• Microsoft Defender XDR

Services with email integration, including page to email, Mailman, and Cardinal Fax

We apologize for the inconvenience. Next update by 1:30 p.m