Meta与微软数据中心支出双双超预期，华尔街反应迥异

Meta and Microsoft both shocked investors this week by revealing data-center spending far above Wall Street expectations. Yet the market reaction could not have been more different. Meta’s stock jumped in after-hours trading, while Microsoft’s slid sharply — a split response that highlights how much investor confidence now depends not on how much a company spends on AI infrastructure, but on how convincingly it explains why. In a quarter dominated by artificial-intelligence buildouts, both companies confirmed that capital expenditures tied to data centers and cloud infrastructure are running hotter than analysts had forecast. The divergence in stock performance reveals a deeper shift in how Wall Street judges Big Tech’s AI ambitions. …