Microsoft Corp. said it will spend more than $30 billion in the current quarter to build out the data centers powering its artificial intelligence services.Investors, applauding accelerating growth in the company’s cloud-computing unit,

Microsoft plans to invest more than $30 billion in capital spending next quarter —a new high — to meet surging AI and cloud demand.

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 is set to cross a $4.14 trillion market value, becoming the second company after Nvidia to hit the milestone. Robust Azure growth, AI investments, and record capital spending are driving the tech giant's historic rise.

Microsoft soared past $4 trillion in market valuation on Thursday, becoming the second publicly traded company after Nvidia to surpass the milestone following a blockbuster earnings report. The technology behemoth forecast a record $30 billion in capital spending for the first quarter of the current fiscal year to meet soaring AI demand and reported booming sales in its Azure cloud computing business on Wednesday.