Meta raised its capital-expenditure forecast, but it’s also posting strong enough revenue growth to support that spending.

America's tech giants aren't showing signs of slowing AI spending plans despite a stretch of economic uncertainty that has meant tough times for technology shares. After Meta Platforms (META) late Wednesday reported better-than-expected quarterly earnings,

Meta reported first-quarter sales of US$42.31 billion ($66.2 billion), beating Wall Street estimates of US$41.4 billion, with earnings per share of US$6.43 versus US$5.28 expected, according to LSEG data.

Nvidia shares are surging in premarket trading Thursday as two of its key customers—Microsoft and Meta Platforms—posted strong results and committed to continuing their heavy AI spending.

Shares in artificial intelligence and cloud-computing-related companies were rising sharply in late trade on Wednesday after Meta Platforms and Microsoft results beat Wall Street expectations.

Stock futures are higher across the board after upbeat quarterly reports from Microsoft (MSFT) and Meta Platforms (META)