Meta raised its capital-expenditure forecast, but it’s also posting strong enough revenue growth to support that spending.

America's tech giants aren't showing signs of slowing AI spending plans despite a stretch of economic uncertainty that has meant tough times for technology shares. After Meta Platforms (META) late Wednesday reported better-than-expected quarterly earnings,

Meta reported first-quarter sales of US$42.31 billion ($66.2 billion), beating Wall Street estimates of US$41.4 billion, with earnings per share of US$6.43 versus US$5.28 expected, according to LSEG data.

Shares in artificial intelligence and cloud-computing-related companies were rising sharply in late trade on Wednesday after Meta Platforms and Microsoft results beat Wall Street expectations.

West Coast tech giants Microsoft and Meta both exceeded analyst forecasts in first-quarter earnings reports Wednesday.

Wednesday closed up +0.15%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.35%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.13%. June E-mini S&P futures (ESM25) are up +0.19%, and June E-mini Nasdaq futures (NQM25) are up +0.

Meta Platforms Inc. is hosting its first generative artificial intelligence conference for developers, LlamaCon, on Tuesday.

Facebook owner Meta Platforms has launched a stand-alone artificial-intelligence app, becoming the latest technology giant to enter a field already facing intense competition.

Facebook parent Meta Platforms on Tuesday launched a separate app for its Meta AI assistant, similar to those offered by Microsoft-backed OpenAI and Alphabet's Google.