Meta and Microsoft both blew their data center budgets last quarter. Wall Street is only mad at one of them.

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• Meta and Microsoft reported quarterly earnings on Wednesday.
• Capex for both companies was higher than Wall Street expected.
• Meta's stock soared in after-hours trading. Microsoft's plunged.

Wall Street had very different reactions to two of Big Tech's biggest spenders after quarterly earnings reports came out on Wednesday.

Both Meta and Microsoft reported higher-than-expected capex. While both companies beat revenue expectations...