U.S. stock futures are higher after Meta and Microsoft reported better-than-expected quarterly results. Both companies are part of the so-called Magnificent Seven megacap, influential tech giants. After reporting strong results,

And both Meta and Microsoft were already on track to spend more than 30% of this year’s revenue on capital expenditures, compared with about 15% to 20% historically. Those outlays were already beginning to look like mere table stakes after Google parent Alphabet used its report last week to bump up its own capex spending plans for this year to $85 billion.