Nvidia stock was heading for new highs early Thursday. Earnings from Microsoft and Meta Platforms reinforced expectations of continued investment in its artificial-intelligence chips. Nvidia shares were up 1.9% at $182.73 in premarket trading, putting it on track to close above $180 for the first time. The stock rose 2.1% on Wednesday.

Meta Platforms soared 11.5% in premarket trading after the social media giant forecast third-quarter revenue well above estimates, thanks to AI boosting its core advertising business. Microsoft issued a record capital spending outlook of $30 billion for the current quarter and reported higher-than-expected sales in its Azure cloud computing business.