Meta Platforms soared 11.5% in premarket trading after the social media giant forecast third-quarter revenue well above estimates, thanks to AI boosting its core advertising business. Microsoft issued a record capital spending outlook of $30 billion for the current quarter and reported higher-than-expected sales in its Azure cloud computing business.

S&P 500 and Nasdaq futures climbed to record levels on Thursday, after blockbuster earnings from Meta and Microsoft signaled Big Tech's hefty artificial intelligence bets were paying off. Meta Platforms soared 12.