Shares in the software giant rose 7.3 percent to $551 in after-hours trading as investors anticipate greater artificial intelligence offerings from the Azure cloud-computing business.

Microsoft forecast on Wednesday a record $30 billion in capital spending for the current fiscal first quarter, after booming sales in its Azure cloud computing business showcased the growing returns on its massive bets on artificial intelligence.

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.