The Azure cloud business is a centerpiece of Microsoft's efforts to shift its focus to artificial intelligence, but until Wednesday the company hadn't disclosed how much money it makes.

Microsoft Corp. reported better-than-expected growth in its cloud business, which it says brought in more than $75 billion in the past year, as the company continues to commercialize artificial intelligence services.

The S&P 500 and the Nasdaq opened at record highs on Thursday, as blockbuster earnings from Meta and Microsoft signaled Big Tech's hefty artificial intelligence bets were paying off.

Meta Platforms soared 11.4% 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.

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.