Nvidia stock was rising Thursday after major customers Microsoft and Meta Platforms signaled they will continue to spend heavily on artificial-intelligence infrastructure.

Nvidia shares were up 4.3% at $113.62 in early trading.

There were good signs for Nvidia as Microsoft reported late Wednesday that its third-quarter capital expenditures came to $16.7 billion, up from $11 billion in the same period a year ago, and said its full-year capex expectations were unchanged.

"We continue to expand our data center capacity...We continue to optimize and drive efficiencies across every layer, from DC [data-center] design to hardware and silicon to system software to model optimization, all towards lowering costs and increasing performance," Microsoft CEO Satya Nadella said on an earnings call.

Microsoft executives said capex will rise again next fiscal year, but at a slower rate than the 57% jump the company is expected to report for the current fiscal year ending in June.

Meta is also keeping up the pace of spending as it boosted its annual capex range to $64 billion to $72 billion, from $60 billion to $65 billion previously in its own report on Wednesday.

"Even with the capacity that we're bringing online in 2025, we are having a hard time meeting the demand that teams have for compute resources across the company," Meta Chief Financial Officer Susan Li told analysts.

The reports should help dispel concerns that major cloud-computing companies are pulling back on data-center spending, after some reports that Amazon.com's AWS cloud business and Microsoft had pulled back on data-center leases. Additionally, neither company suggested they were looking to replace Nvidia hardware with in-house chips.

"The spending plans for these 2 hyperscalers spell relief for buy-rated customers we cover like...Nvidia," wrote Melius Research analyst Ben Reitzes in a research note.

Among other chip makers, Advanced Micro Devices was up 2.2% and Broadcom was gaining 3.7%. CoreWeave, which makes all of its revenue from cloud rentals of AI servers that use Nvidia chips, was gaining 11%.