Meta's strong earnings report sent its stock soaring after hours. The company also made it clear that the AI talent wars come with a hefty price tag.

In the midst of an artificial intelligence spending spree, Meta posted stronger-than-expected results for the second quarter, buoyed by growing ad revenue even as its expenses increased.

Nvidia stock hit an intraday high Thursday after earnings from Microsoft and Meta Platforms reinforced expectations of continued investment in its artificial-intelligence chips. Nvidia shares reached a record $183.