Tech giants Meta Platforms and Microsoft reported solid quarterly results Wednesday afternoon. Shares of both companies jumped in extended trading.

Tech giants Meta Platforms and Microsoft reported solid quarterly results Wednesday afternoon. Shares of both companies jumped in extended trading.

Both companies are part of the so-called Magnificent Seven megacap, influential tech giants.

Meta and Microsoft have been investing heavily in AI infrastructure in recent years, and are set to still shell out billions in capital expenditures.

July's payrolls report will be out on Friday morning, and traders will be watching the numbers.