Nvidia shares sold off sharply this spring, fueled by increased worry that spending on artificial intelligence infrastructure, such as Nvidia’s semiconductor chips, was peaking. The argument was that hyperscalers operating massive cloud data centers were overbuilding capacity and double-ordering chips,

Microsoft (NASDAQ:MSFT) shares rose by more than 4% in early U.S. trading on Thursday after the software giant reported quarterly results that beat Wall Street expectations, driven by continued growth at its artificial intelligence-enhanced flagship cloud business.

Technology giant Microsoft on Wednesday said its profit soared above expectations in the recently ended quarter, driven by its cloud computing and artificial intelligence (AI) units.