Meta Platforms and Microsoft are both showing that obscene spending on new businesses can work—as long as the older ones are humming. That was hardly a given heading into their latest quarterly reports on Wednesday.

Meta is up 199% over the last 5 years. Across the same period, the S&P 500 is up 95%. Will Meta be a market-beater over the next 5 years? If so, will there be a significant gap or do you expect it to be close?

Total revenue rose 18% to $76.4 billion in the April-June period, the company's fiscal fourth quarter. Azure revenue rose 39%, compared with Visible Alpha estimates of 34.75%. Microsoft, the No. 2 cloud provider,

Microsoft's Azure cloud-computing business delivered another quarter of blockbuster growth on Wednesday, powering revenue above Wall Street's expectations and showcasing the growing returns on its massive artificial intelligence bets.

Microsoft’s Azure cloud platform generated over $75 billion in annual revenue, marking a 34% year-over-year growth. The company also posted a quarterly profit of $34.3 billion, beating analyst expectations.

Microsoft Corp. is set to become the second company in the world to reach a $4 trillion market capitalization after reporting quarterly earnings that beat Wall Street’s expectations, sending the stock soaring in premarket Thursday.

Microsoft Corp. (MSFT) stock on Thursday hit the $4 trillion market capitalization mark, after shares surged more than 5% during the day’s opening trade. Microsoft is now the world’s second company to cross the $4 trillion market capitalization level,