Nvidia’s (NASDAQ:NVDA) ascent to a $4.3 trillion market capitalization has cemented its status as a titan in the tech world and the world’s most valuable company, driven by its unrivaled dominance in artificial intelligence (AI) chip production.

The S&P 500 and the Nasdaq opened at record highs on Thursday, as blockbuster earnings from Meta and Microsoft signaled Big Tech's hefty artificial intelligence bets were paying off. The Dow Jones Industrial Average rose 204.

Futures tied to the S&P 500 and Nasdaq surged to record highs on Thursday after strong earnings from tech giants Meta and Microsoft reinforced investor confidence that artificial intelligence investments are paying off.

And both Meta and Microsoft were already on track to spend more than 30% of this year’s revenue on capital expenditures, compared with about 15% to 20% historically. Those outlays were already beginning to look like mere table stakes after Google parent Alphabet used its report last week to bump up its own capex spending plans for this year to $85 billion.

Good morning. Record artificial intelligence spending isn't holding tech shares back. Job seekers are competing with AI platforms. And a full battery comes with fries at the Tesla Diner. Listen to the day’s top stories.