Both Meta and Microsoft held after-the-bell earnings calls (for Meta’s fourth quarter and Microsoft’s second). Both have faced recent shareholder skepticism about the scale of investment in AI-powered data centers and their seemingly far-off returns. The Windows-maker said its capital spending in the most recent quarter reached $37.5 billion, about $3 billion higher than anticipated and a staggering 66% year-over-year increase. Translation: Fret about overspending and an AI bubble all you want, neither of these giants is tapping the data-center-buildout brakes yet. Microsoft also conceded that 45% of that figure is expected from its pseudo-sibling OpenAI, and that has analysts a little worried.