Two tech giants at the forefront of the artificial intelligence buildout reported quarterly earnings after the market closed on Wednesday.
Meta missed its earnings-per-share target and raised the lower bound of its capital spending forecast. Analysts expressed frustration during the earnings call about when AI investments would start to pay off.
In contrast, Microsoft reported a 43% revenue surge in its Azure cloud computing platform, receiving praise from analysts.
Meta CEO Mark Zuckerberg mentioned the possibility of renting out excess computing capacity, but analysts remain skeptical about the impact on the company's finances.
Meta reported earnings-per-share of $6.18, compared to an expected $7.22.
Microsoft maintained its capital expenditure forecast, resulting in a 7% increase in its stock price.
