Whatever Thursday's broad market moves, one thing is clear after the latest megacap tech earnings reports: Demand for artificial intelligence chips is still beyond strong. Microsoft , Meta Platforms and Google-parent Alphabet reported better-than-expected third-quarter results. All three also hiked their capital spending outlooks, signaling even more investment going into AI. "The biggest thematic read from [Wednesday's] earnings was the continued insatiable demand and spending by the hyperscalers following an upwards bias to capex #'s and commentary into '26 from MSFT, GOOGL, and META," Jefferies traders wrote. Others on the Street echoed that view: Wells Fargo: Cloud Capex — No Signs of Slowing: We think reported 3Q25 capex spend + forward comments from Microsoft, Meta, & Google will sol

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