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.