Microsoft plans to invest more than $30 billion in capital spending next quarter —a new high — to meet surging AI and cloud demand.

Microsoft reported quarterly earnings that topped analysts' expectations on strong growth in its Intelligent Cloud segment, sending shares higher in extended trading.

The tech giant released financial results for its fourth fiscal quarter, which ran from May through the end of June, on Wednesday and exceeded Wall Street estimates. Microsoft reported $76.4 billion in revenue with $27.2 billion in profit, both metrics showing their highest year-over-year growth in over two years.