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part.Shares of three of the four tech giants spiked following their latest quarterly earnings reports over the past two weeks, which showed the companies broadly outperforming Wall Street's expectations and lifting their capital expenditure forecasts. Meta and Microsoft shares surged roughly 11% and 4%, respectively, in Thursday's trading session, following their quarterly results the prior afternoon. Microsoft's surge briefly pushed the firm's value north of $4 trillion for the first time. Alphabet stock also jumped following its report last week.Microsoft reported capital expenditures of $88.7 billion in its 2025 fiscal year, which ended June 30, higher than the $80 billion it projected earlier. The company said its spending will grow at a slower pace in its 2026 fiscal year. During the first quarter, it expects to spend $30 billion, a 50% increase from the prior year."We will continue to invest against the expansive opportunity ahead across both capital expenditures and operating expenses given our leadership position in commercial cloud, strong demand signals for our cloud and AI offerings, and significant contracted backlog," Microsoft CFO Amy Hood said in an earnings call with analysts.Meta lifted the bottom of its range for projected capital expenditures, as the Facebook and Instagram parent company spends truckloads of money to build AI data centers and poach talent. The firm said Wednesday it expects spending to tally between $66 billion and $72 billion in its fiscal year 2025 versus its prior range of $64 billion to $72 billion given in May. The latter was already bigger than Meta's initial estimate in February that it would spend up to $65 billion in 2025.Meta CFO Susan Li said on a call with analysts Wednesday, "[W]e currently expect another year of similarly significant CapEx dollar growth in 2026 as we continue aggressively pursuing opportunities to bring additional capacity online to meet the needs of our AI efforts and business operations."Alphabet CFO Anat Ashkenazi said the tech giant would spend $85 billion in 2025 rather than its prior estimate of $75 billion, "given the strong demand for our cloud products and services."Using the top end of Meta's range, $72 billion, the higher forecasts would put Big Tech's spending at $364 billion, up from prior estimates of $325 billion in February.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,248.55 -90.84 (-1.43%)Dow 3043,572.66 -558.32 (-1.27%)Nasdaq20,746.06 -376.39 (-1.78%)Russell 20002,165.32 -46.33 (-2.10%)VIX19.81 +3.09 (+18.45%)Gold3,398.20 +49.60 (+1.48%)PortfolioSign in to access your portfolioSign inTop gainersWK Workiva Inc. 78.97 +15.13 (+23.71%)RDDT Reddit, Inc. 191.88 +31.29 (+19.48%)BIO Bio-Rad Laboratories, Inc. 288.79 +46.84 (+19.36%)IRTC iRhythm Technologies, Inc. 165.35 +25.17 (+17.96%)APPF AppFolio, Inc. 304.33 +36.95 (+13.82%)Top losersFLR Fluor Corporation 38.90 -17.87 (-31.47%)EMN Eastman Chemical Company 57.65 -14.96 (-20.60%)AVTR Avantor, Inc. 11.11 -2.34 (-17.37%)COIN Coinbase Global, Inc. 317.62 -60.15 (-15.92%)RIOT Riot Platforms, Inc. 11.34 -2.07 (-15.47%)Most activeNVDA NVIDIA Corporation 175.50 -2.37 (-1.33%)AMZN Amazon.com, Inc. 218.50 -15.61 (-6.67%)SOFI SoFi Technologies, Inc. 21.47 -1.11 (-4.92%)AAPL Apple Inc. 203.94 -3.63 (-1.75%)NIO NIO Inc. 4.9685 +0.0985 (+2.02%)Earnings eventsTrending tickersAMZN Amazon.com, Inc. 218.28 -15.83 (-6.76%)FIG Figma, Inc. 123.25 +7.75 (+6.69%)COIN Coinbase Global, Inc. 317.82 -59.94 (-15.87%)MRNA Moderna, Inc. 26.76 -2.80 (-9.47%)AAPL Apple Inc. 204.08 -3.49 (-1.68%)Top economic events