The company’s results are likely to ease investors’ worries that big investments in artificial intelligence aren’t paying off.

Microsoft forecast on Wednesday a record $30 billion in capital spending for the current fiscal first quarter, after booming sales in its Azure cloud computing business showcased the growing returns on its massive bets on artificial intelligence.

Shares in the software giant rose 7.3 percent to $551 in after-hours trading as investors anticipate greater artificial intelligence offerings from the Azure cloud-computing business.

Microsoft reported better-than-expected growth in its cloud business, and its closely-watched Azure cloud-computing unit posted a 39% rise in sales, handily beating the 34% analysts expected

Shares in the tech giant jumped after earnings came in above estimates. CEO Satya Nadella said that cloud and AI continue to drive the company's growth. Microsoft stock surged in after-hours trading on Wednesday after the tech giant beat analysts' expectations for another straight quarter.