Microsoft is on track to surpass a $4trn market valuation for the first time, following a strong earnings report and soaring demand for its Azure cloud services. Shares rose 8.5 percent in premarket trading on Thursday, lifting its value to $4.14trn, Firstpost reported.

The company projected a record $30bn in capital spending and continues to benefit from its investment in OpenAI, which has boosted its AI-powered offerings.

Microsoft has rebounded nearly 50 percent since April, overcoming trade tensions and solidifying its lead in the AI and cloud space, according to Firstpost.