Is the AI Trade Back on After Meta and Microsoft Earnings?

Wall Street is partying like it’s 2024.

Shares of tech mega-caps soared on Thursday as strong earnings reports from Microsoft (MSFT) and Meta Platforms (META) breathed fresh life into the AI trade that’s fueled stock market gains for the past two years. 

Microsoft and Meta both beat expectations with their quarterly results on Wednesday. Microsoft reported a 21% increase in cloud revenue, while Meta said its AI is approaching 1 billion monthly active users. 

The results boosted…