Microsoft (MSFT) and Meta (META) stocks ripped higher in premarket trading as investors continued to bid up shares following the tech giants' earnings reports.
Combined, the two stocks have added about half a trillion dollars in market value since Wednesday's close.
If gains hold, Microsoft is set to join Nvidia (NVDA) in the $4 trillion market capitalization club when the market opens. Its market cap as of Wednesday stood at $3.81 trillion, and the stock has gained nearly 9% in premarket trading.
Meta stock surged 11% ahead of the opening bell. Both Meta and Microsoft reported strong revenue growth that outweighed investors' concerns about spending on artificial intelligence.
“The stock moves make sense — the results are that good,” D.A. Davidson head of technology research Gil Luria told Yahoo Finance following Meta's and Microsoft's earnings. “Meta is gaining significant share in the digital advertising market, … and therefore investors have patience for the capex guidance they’re providing.”
