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.

Instagram and Facebook parent Meta Platforms Inc. posted better-than-expected results Wednesday for the first quarter thanks to strong advertising revenue on its social media platforms.

Meta Platforms beat Wall Street estimates for first-quarter revenue on Wednesday, signaling that its artificial intelligence-powered tools helped pull in advertising dollars despite tariff-related economic growth fears.

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.