Investors have delivered a split verdict on Big Tech’s AI spending spree, sending Meta shares surging more than 10% while Microsoft slid as much as 7% in after-hours trade, despite both companies posting strong quarterly results. The contrast underlined a growing anxiety: not whether AI will change everything, but who can prove they will make serious money from it. Microsoft reported December-quarter revenue of US$81.3 billion, up 17%, with operating income rising 21% to US$38.3 billion. But investors fixated on two things: cloud growth is slowing slightly and capital spending is exploding. Meta says it will spend between US$115 billion and US$135 billion on capital expenditure in 2026, almost double last year’s already huge outlay.