Microsoft's cloud and AI momentum is accelerating, with enterprises boosting AI budgets and Wall Street underestimating its long-term growth potential. Hot inflation data and cautious consumer spending have reduced expectations for Fed rate cuts, but strong market gains persist without monetary easing.

MANILA, Philippines (AP) — Asian shares were mixed on Thursday after most U.S. stocks slipped, as doubts rose on Wall Street about whether the Federal Reserve will deliver economy-juicing cuts to interest rates by September.

The S&P 500 and Nasdaq climbed to new record highs on Thursday, as Microsoft's blockbuster earnings propelled the tech giant past the $4 trillion milestone and fueled investor confidence in Big Tech's hefty investments in artificial intelligence.