Microsoft Corp. said it will spend more than $30 billion in the current quarter to build out the data centers powering its artificial intelligence services.

Microsoft plans to invest more than $30 billion in capital spending next quarter —a new high — to meet surging AI and cloud demand.

Microsoft's Azure cloud-computing business delivered another quarter of blockbuster growth on Wednesday, powering revenue above Wall Street's expectations and showcasing the growing returns on its massive artificial intelligence bets.

Shares in the tech giant jumped after earnings came in above estimates. CEO Satya Nadella said that cloud and AI continue to drive the company's growth. Microsoft stock surged in after-hours trading on Wednesday after the tech giant beat analysts' expectations for another straight quarter.

Microsoft hit $4 trillion in stock market value on Thursday, becoming the second publicly traded company after Nvidia to surpass that milestone following a blockbuster earnings report that showed its massive bets on AI are paying off.

The valuation comes just weeks after Nvidia became the first to reach the milestone, as both companies benefit from the artificial intelligence boom.

The company crossed the market-cap milestone after its earnings report showed strong growth in its cloud-computing services, bolstered by demand for its AI offerings.