Microsoft reported fiscal fourth-quarter revenue of $76.4 billion and earnings of $3.65 a share, handily beating Wall Street estimates. Azure sales grew 39 % year-on-year and exceeded a $75 billion run-rate for the first time. Chief Financial Officer Amy Hood said capital spending will exceed $30 billion in the current quarter and rise again in 2026 as the company races to ease data-center capacity constraints. The results sent the stock up about 6–9 % in late trading, briefly lifting Microsoft’s market capitalization above $4 trillion. Meta Platforms also outperformed, posting second-quarter revenue of $47.52 billion and earnings of $7.14 a share. Net income rose 36 % to $18.3 billion, supported by an 11 % increase in ad impressions and steady growth across Facebook, Instagram and WhatsApp, which together reached 3.48 billion daily users. Meta forecast third-quarter revenue of $47.5 billion to $50.5 billion, above analysts’ projections, and raised its 2025 capital-expenditure range to $66–72 billion—about $30 billion more than this year. Management signalled “similarly significant” CapEx growth in 2026 as it builds the infrastructure for what Chief Executive Officer Mark Zuckerberg calls “personal superintelligence.” The twin beats underscore how demand for artificial-intelligence computing is reshaping the industry’s largest balance sheets. Microsoft Chairman Satya Nadella said quantum technology will be the cloud’s next growth catalyst, while both companies acknowledged that appetite for AI services is outpacing available capacity. Investors welcomed the spending plans, adding roughly $440 billion in combined market value to the two companies in after-hours trading and pushing U.S. equity futures higher.