Shares of Microsoft Corp. gained more than 9% in extended trading today after the company delivered solid earnings and revenue that came in above expectations. The after-hours increase lifted the company’s market capitalization above the $4 trillion milestone, trailing in the wake of Nvidia Corp., which passed that barrier earlier this month.

Meta Platforms and Microsoft are both showing that obscene spending on new businesses can work—as long as the older ones are humming. That was hardly a given heading into their latest quarterly reports on Wednesday.

The S&P 500 rose 0.5% and is just above the record high it set on Monday. The Dow Jones Industrial Average was mostly unchanged as of 12:01 p.m. Eastern.