This is the Internet DNS name of a Microsoft server. On a Windows operating system, immediately before any and all of a wide variety of things occur, the machine will contact this server for some bandwidth and connectivity tests.

There are often issues with this. If attempt is made and fails, Windows may throw up a popup in the lower-right corner, asking for a mouse-click. Sometimes DNS servers lack this record for some reason, causing odd and unusual troubles. There have been other consequences.

There are ways to turn this off altogether. So far testing has found zero gotchas for shutting it off, it is not clear whether it is essential. The simplest way to do so, is probably to enable this item in local or domain group policy:

Computer Configuration
Administrative Templates
System
Internet Communication Management
Internet Communication settings
Turn off Windows Network Connectivity Status Indicator active tests