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.

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 reveals that its Azure cloud computing platform has generated over $75 billion in annual revenue, marking a 34% increase from the previous year