If the company’s core business continues growing at the current rate and its Superintelligence efforts gain traction, “there’s no telling what the ceiling is for Meta,” Bernstein analysts said.

The S&P 500 rose 0.5% and is just above the record high it set on Monday. The Dow Jones Industrial Average was mostly unchanged as of 12:01 p.m. Eastern.

And both Meta and Microsoft were already on track to spend more than 30% of this year’s revenue on capital expenditures, compared with about 15% to 20% historically. Those outlays were already beginning to look like mere table stakes after Google parent Alphabet used its report last week to bump up its own capex spending plans for this year to $85 billion.