Shares in Meta Platforms and Microsoft both declined in after-hours trading despite strong Q3 earnings on Oct. 30. Meta reported a 19% increase in Q3 revenues to $40.6 billion, surpassing Wall Street estimates. Microsoft's revenue also rose by 16% to $65.6 billion, exceeding expectations. Both companies attributed their success to investments in artificial intelligence. Meta introduced Meta AI in its popular apps, while Microsoft's Azure business saw a 33% growth in AI. However, the stocks of both companies fell after an initial rise, as they announced plans for increased AI spending. Meta's capital expenditures are projected to reach $38-40 billion, with significant growth expected in 2025. Microsoft anticipates a 31-32% growth in Azure for the current quarter. Despite missing expectations for daily active users, both companies remain optimistic about the future of AI in their businesses. Read more AI-generated news on: https://app.chaingpt.org/news

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