“We currently expect another year of similarly significant capital expenditures dollar growth in 2026,” Meta CFO Susan Li said in the earnings release. Analysts said the 2026 outlook suggests Meta will spend roughly $100 billion in capex next year, significantly ahead of earlier expectations among analysts.

Futures tied to the S&P 500 and Nasdaq surged to record highs on Thursday after strong earnings from tech giants Meta and Microsoft reinforced investor confidence that artificial intelligence investments are paying off.

Meta and Microsoft have been investing heavily in AI infrastructure in recent years, and are set to still shell out billions in capital expenditures.

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.

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.

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