Microsoft reported better-than-expected growth in its cloud business and said spending on AI infrastructure hit a record. The closely watched Azure cloud-computing unit posted a 39% rise in sales during Microsoft’s fiscal fourth quarter, the company said in a statement on Wednesday. Analysts projected 34% revenue growth. The shares rose about 7% in extended trading after closing at $513.24 in New York. The company’s stock was up about 22% this year through the Wednesday close.

Meta also reported results that sent shares higher after the close. Meta topped projections for second-quarter sales and gave a stronger-than-expected forecast for the current period, a sign that the social media company’s advertising business is still growing quickly enough to support aggressive spending on artificial intelligence. Shares jumped as much as 10% in late trading. Third-quarter sales will be $47.5 billion to $50.5 billion, Meta said in a statement Wednesday, with the midpoint of that range exceeding the average analyst estimate of $46.2 billion, according to data compiled by Bloomberg. The social media giant, which owns Instagram and Facebook, reported second-quarter revenue of $47.5 billion. Meta stock was up 18.7% so far this year before Wednesday’s report.

For instant reaction and analysis to earnings for both big tech companies, hosts Carol Massar and Tim Stenovec speak with:

• Dan Ives, Global Head of Technology Research at Wedbush Securities
• Bloomberg Intelligence Senior Technology Analyst Anurag Rana
• Greg Halter, Director of Research at Carnegie Investment Counsel

See omnystudio.com/listener for privacy information.