The Big Tech rivals are spending more than ever, but analysts are more concerned about Microsoft at the moment.

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Meta gains on earnings beat. Microsoft outlines Q3 revenue target amid accelerating AI cloud demand and Copilot seat growth. Tesla beats Q4 expectations, gives upbeat outlook.

Shares dropped the most since March 2020 on Thursday, with investors fleeing the stock amid slower cloud growth and big spending on AI.

Investing.com-- U.S. stock index futures edged down on Thursday evening after Wall Street closed largely lower, as disappointing earnings from Microsoft stirred fresh concerns about the payoff from hefty AI investments, while investors digested a barrage of other corporate results.

Microsoft reports Q2 fiscal earnings Wednesday. Analysts expect Azure growth of 38.4% and $3.91 EPS. AI spending and valuation in focus for investors.

There is no other stock within the S&P 500 that Wall Street is more bullish on.

Microsoft (NASDAQ: MSFT) continues to provide investors with earnings beats and strong growth in its cloud, AI and gaming segments.