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

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.

One expert said the surge was the sort ‘most companies can only dream of’

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