Meta raised its capital expenditures guidance for 2025 to $64 billion to $72 billion, signaling huge AI investment by Big Tech is still underway.

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.