Microsoft Corp. said it will spend more than $30 billion in the current quarter to build out the data centers powering its artificial intelligence services.

The tech giant released financial results for its fourth fiscal quarter, which ran from May through the end of June, on Wednesday and exceeded Wall Street estimates. Microsoft reported $76.4 billion in revenue with $27.

Microsoft's Azure cloud-computing business delivered another quarter of blockbuster growth on Wednesday, powering revenue above Wall Street's expectations and showcasing the growing returns on its massive artificial intelligence bets.

Microsoft surpassed a $4 trillion market valuation for the first time after a strong earnings report, driven by AI and cloud growth.

Microsoft hit $4 trillion in stock market value on Thursday, becoming the second publicly traded company after Nvidia to surpass that milestone following a blockbuster earnings report that showed its massive bets on AI are paying off.

Microsoft’s shares spiked over 7% in after-hours trading, pushing the stock toward record highs and lifting Microsoft’s market capitalization past the $4 trillion mark—cementing its place as one of just two companies to reach that level globally,

The dominant position of Amazon and Microsoft in cloud computing is harming competition, with their impact exacerbated by technical and commercial barriers to switching, an inquiry group from Britain's antitrust regulator said.

Amazon Web Services (AWS), the cloud unit that accounts for less than a fifth of the company's sales but typically about 60% of its profit, likely grew 17% in the April-June period. Amazon, like its rivals Alphabet and Microsoft,

Microsoft’s software licensing terms are harming competition in the cloud computing market, an investigation ordered by the UK antitrust regulator has found, driving up costs for its Big Tech rivals.