Editorial companion

What stands out

Microsoft reported a blowout quarter, revenue up 18% to $90 billion, and Azure topping $100 billion, using that evidence to argue its artificial intelligence (AI) spending is already paying off. Meta took a different tack, signaling higher capital expenditures, while chip supplier Lam Research climbed after mixed results and an upgraded third-quarter guide. The clip matters because it juxtaposes a clear execution story at Microsoft with the messier reality of AI-capex timing, and it highlights how suppliers like LRCX can pop even when the cycle looks uneven.