Microsoft shares jumped 10% after earnings, while Meta stock slid roughly 7.5%, putting more than $100 billion of market value on the chopping block before Thursday's opening bell. Microsoft forecast Azure revenue growth of 45% for the coming quarter and signed more than $130 billion in new data-center leases during the quarter. Capital expenditures rose 70% to $41 billion, yet Microsoft grew net income 31% to $35.8 billion, helped by a $3.2 billion gain on its investment in AI startup Anthropic. Earnings per share landed at $4.81, topping expectations of $4.24 and climbing from $3.65 a year earlier. Meta increased expenses by 55% to $42 billion, while revenue rose a slower 28%, with net income falling 14% to $15.8 billion. Meta reported earnings per share of $6.18, missing Wall Street's estimate of $7.19 and falling from $7.14 a year ago. Meta also raised the lower end of its 2026 capital expenditure guidance by $5 billion to between $130 billion and $145 billion.