Meta raced to a new all-time high on Wall Street, with the parent company of Facebook and Instagram seeing its share price increase 13%

Meta and Microsoft — two of America’s biggest companies — both delivered blockbuster earnings on Tuesday. The news helped to calm fears that President Donald Trump’s tariffs were hurting consumer and business spending.

And both Meta and Microsoft were already on track to spend more than 30% of this year’s revenue on capital expenditures, compared with about 15% to 20% historically. Those outlays were already beginning to look like mere table stakes after Google parent Alphabet used its report last week to bump up its own capex spending plans for this year to $85 billion.

The parent company of Facebook and Instagram continues to exceed expectations for ad sales. Analysts are less sure about its big swings.

Meta CEO Mark Zuckerberg published a plan for "personal superintelligence" in AI ahead of the Meta second quarter earnings report to come later Wednesday.