AI Is Top of Mind as Big Tech Firms Report Earnings

Four of the biggest US companies—Alphabet, Amazon, Meta and Microsoft—reported earnings after the bell on Wednesday. And it’s all about AI.

Meta raised its spending outlook for the year, extending its streak of plowing historic levels of investment into the artificial intelligence race. The social-media giant projected full-year capital expenditures between $125 billion and $145 billion, far exceeding analysts’ estimates. Shares fell 4.4% in after-hours trading. They had risen 1.4% this year through Wednesday’s close in New York.