S&P 500 and Nasdaq futures climbed to record levels on Thursday, after blockbuster earnings from Meta and Microsoft signaled Big Tech's hefty artificial intelligence bets were paying off. Meta Platforms soared 12.

Big rallies for Microsoft and Facebook’s parent company are helping lead stocks back toward more record highs. The S&P 500 rose 0.7% in early trading Thursday. The Dow Jones Industrial Average rose 82 points.

And with Microsoft shares up by 9% and Meta gaining 11% before the open, the S&P 500 would have a hard time being anything but up today. In fact, that index is gaining nearly 1% in premarket futures trading. The Nasdaq, of which both Microsoft and Meta are also members, is up more than 1%.