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Here's your T&B Tech Minute for Wednesday, October 30th. I'm Danny Lewis for the Wall Street Journal.

In earnings, Microsoft reported strong quarterly growth in its cloud computing business,

indicating its heavy investment in artificial intelligence is paying off. Revenue for its Azure Cloud business

rose 33% in the quarter through September, beating Wall Street expectations.

The company's overall revenue rose 16% to $65.6 billion as its net income climbed 11% to 24.7 billion.

CEO Satya Nadella has bet the company's future on AI.

Microsoft has set it plans to match its spending growth to perceive demand.

It has slashed costs in other areas such as hardware.

Meta reported record revenue. that's despite seeing slower growth in digital advertising.

The social media giant posted over 40 and a half billion dollars in sales, up 19% compared with a year earlier.

CEO Mark Zuckerberg has poured immense resources into capitalizing on the AI boom.

The company has also lost $50 billion on Zuckerberg's bet on the Metaverse.

Meta's reality labs unit, which produces the Quest headset and Meta Ray-Ban smart glasses,

had operating losses of $4.4 dollars in the three month period. Meta expects fourth quarter

revenue to be between 45 and 48 billion dollars.

And we exclusively report that Wall Street Giants KKR and Energy Capital Partners have agreed to invest a combined $50 billion in data center and power generation projects to support AI development. The companies said much of the funds will be invested

over the next four years. KKR, one of the world's largest investment companies and

energy capital partners, a private equity firm, said they are now working together with big

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