Wall Street’s AI giants saw a combined $500 billion increase in market value after strong quarterly reports from Microsoft and Meta Platforms. Microsoft surged 8% while Meta jumped 9%, adding $288 billion and $152 billion in market value, respectively. Nvidia and Amazon also saw gains ahead of Amazon’s upcoming report.

Investors are bullish on AI stocks as companies like Microsoft and Meta invest heavily in artificial intelligence. Meta exceeded revenue expectations and raised its annual capital expenditures forecast by $2 billion for AI development. Microsoft’s Azure cloud business drove revenue above expectations, showcasing returns on their AI investments.

The push for “superintelligence” in the AI race drove Meta’s forecasted revenue above expectations and increased capital expenditures by $2 billion. Microsoft’s Azure cloud business exceeded revenue expectations, demonstrating the payoff of their AI investments. Wall Street is eager to see results from companies dominating the AI industry.

Read more at Yahoo Finance: Microsoft and Meta fuel $500-billion gain in AI stocks