Shares in artificial intelligence and cloud-computing-related companies were rising sharply in overnight trading after Meta Platforms and Microsoft results beat Wall Street expectations.

The reports appeared to boost demand for shares in AI chip leader Nvidia Corp, which rose over 3%, and chip rival Advanced Micro Devices , which rose 2%.

Shares in Amazon.com, which competes with Microsoft in cloud-computing and is due to report results on May 1, were up 3.5% with strong after-the-bell volume.

Shares in Microsoft soared nearly 7% after it topped quarterly revenue expectations on strong Azure cloud-computing growth, reassuring investors its hefty AI investments were paying off.

Shares in social media company Meta Platforms were up more than 5%, after it also beat Wall Street estimates for first-quarter revenue, signaling that its AI-powered tools helped draw advertising dollars despite tariff-related economic uncertainty.

Tesla shares slid 2.5% in overnight trading. About a month ago, with Tesla’s stock sinking and some investors irritated about Elon Musk’s White House focus, Tesla’s board got serious about looking for Musk’s successor.

Board members reached out to several executive search firms to work on a formal process for finding Tesla’s next chief executive, according to people familiar with the discussions. 

Qualcomm Inc. shares slid nearly 6% in overnight trading. The biggest maker of chips that run smartphones gave a tepid revenue prediction for the current quarter, underscoring concerns that tariffs will hurt demand for its products.

Revenue in the period ending in June will be $9.9 billion to $10.7 billion, the company said Wednesday in a statement. The midpoint of that range was slightly below the average analyst estimate of $10.33 billion.