Finance

Shares of Microsoft soared by more than 15% after reporting strong quarterly earnings and cloud revenue surpassing $100 billion for the first time. The surge added roughly $450 billion to its market capitalization, representing the largest single-day market value gain for any U.S. company in stock market history.

In contrast to some of its mega-cap technology peers, Meta Platforms saw its stock price decline by approximately 8% to 9%. The slide marked an 11th consecutive day of losses for the social media giant, driven by underwhelming forward revenue guidance and investor skepticism regarding the timeline for monetization of its substantial artificial intelligence investments.

The semiconductor sector experienced a major revival, with the PHLX Semiconductor Index rallying 8% and the iShares Semiconductor ETF climbing over 8%. The upward momentum was heavily supported by strong earnings indicators from major tech companies, leading to double-digit single-day gains for chip manufacturers like Intel, Advanced Micro Devices, and Micron.