S&P 500 and Nasdaq futures climbed to record levels on Thursday, after blockbuster earnings from Meta and Microsoft signaled Big Tech's hefty artificial intelligence bets were paying off.

Good morning. Record artificial intelligence spending isn't holding tech shares back. Job seekers are competing with AI platforms. And a full battery comes with fries at the Tesla Diner. Listen to the day’s top stories.

Microsoft forecast on Wednesday a record $30 billion in capital spending for the current fiscal first quarter, after booming sales in its Azure cloud computing business showcased the growing returns on its massive bets on artificial intelligence.

Microsoft plans to invest more than $30 billion in capital spending next quarter —a new high — to meet surging AI and cloud demand.

Microsoft Corp. said it will spend more than $30 billion in the current quarter to build out the data centers powering its artificial intelligence services.Investors, applauding accelerating growth in the company’s cloud-computing unit,

Shares in the tech giant jumped after earnings came in above estimates. CEO Satya Nadella said that cloud and AI continue to drive the company's growth. Microsoft stock surged in after-hours trading on Wednesday after the tech giant beat analysts' expectations for another straight quarter.

Microsoft posted its fiscal fourth-quarter results after Wednesday's closing bell. Investors will be focused on cloud growth, spending plans and monetization of AI tools like Copilot.