Meta raised its capital-expenditure forecast, but it’s also posting strong enough revenue growth to support that spending.

America's tech giants aren't showing signs of slowing AI spending plans despite a stretch of economic uncertainty that has meant tough times for technology shares. After Meta Platforms (META) late Wednesday reported better-than-expected quarterly earnings,

Meta reported first-quarter sales of US$42.31 billion ($66.2 billion), beating Wall Street estimates of US$41.4 billion, with earnings per share of US$6.43 versus US$5.28 expected, according to LSEG data.

Meta Platforms joined artificial intelligence Goliath Microsoft in reporting better-than-expected quarterly earnings results after the closing bell on April 30. The parent company of Facebook, Instagram,

West Coast tech giants Microsoft and Meta both exceeded analyst forecasts in first-quarter earnings reports Wednesday.