The orchid has black areas under the leaves

I transplanted the orchid into sphagnum moss so that the trunk wouldn't start to rot, but it seems to me that the black areas are rot, can you tell me what it really is?
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Thanks for question and picture. It does look like the beginning of stem rot, which often happens when moisture stays around the orchid’s base. The dark spot suggests that part of the tissue has started to break down. Let the moss dry out a bit and make sure the plant’s base sits above it for better airflow. If the area feels soft, trim it back to healthy tissue. With careful drying and lighter watering, your orchid still has a good chance to recover. Good luck!